Inside Housing – News – Housing association enters long-term partnership with real estate investment firm
Messages01/17/2214:15 GMTby Grainne Cuffe
Thrive Homes and a major property investment firm have acquired 117 affordable rental and co-ownership properties in southern England in a new long-term partnership.
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Thrive Homes and a major property investment firm have acquired 117 affordable rental and co-ownership properties in southern England as part of a new long-term partnership #UKhousing
The acquisition, across six Home Counties programs developed by Thrive Homes, is the first in the partnership between the housing association and CBRE UK’s Affordable Housing Fund.
Thrive and CBRE, which has sales of £1.59 billion in the UK, hope to acquire more than 1,000 affordable homes through the joint venture.
Thrive – which owns and manages 5,100 homes across Hertfordshire, Bedfordshire, Buckinghamshire and Oxfordshire – will retain a minority stake in the homes.
It will also oversee the development, sale, leasing and aftercare of the jointly developed properties, which will be available at affordable rents and in common ownership.
Jack Burnham, executive director of growth and investment at Thrive Homes, said the partnership with CBRE “helps provide Thrive with a viable path to meet our strategic growth goals and double our size.”
The partnership will also help expand Thrive’s development program to more than 500 homes per year.
Mr Burnham added that this will also allow the housing association to “supply much needed affordable housing in areas that are among the most expensive in the UK”.
Andrew Davey, fund manager of CBRE’s Affordable Housing Fund, said: “By providing much-needed affordable housing, we are meeting our investors’ social impact goals and investing in quality housing managed by Thrive to provide investors with long-term income. “
He added that CBRE has “received significant interest from investors who are increasingly looking for an investment opportunity that offers both proven impact qualities and maintains robust return characteristics.”
“As a result, to date the fund has provided equity for over 1,000 much-needed affordable housing and has significant equity to invest in similar opportunities with counterparties like Thrive who share the ethos and long-term goals of our investors,” he said.
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