Aviva, Place Capital, National Housing Bank partner for £100m homes drive

The investor, developer, and the government’s newly launched housing investment agency will work with Homes England to deliver up to 3,300 rental homes across towns and cities in the UK.

Aviva and the National Housing Bank will provide an initial £100m of capital to build the homes, with Place Capital Group lined up as the developer. The first schemes have already been secured – 135 properties on Liverpool’s Vescock Street and 150 in Moston, Manchester. The two projects have a combined estimated value of £60m.

The fund, one of a handful of institutionally backed vehicles set up to supercharge housing delivery, will focus on brownfield sites and delivering low-energy homes for working families, according to the partnership.

This investment is the first to be supported by the newly launched National Housing Bank, the government’s vehicle for housing investment aimed at getting the country close to Labour’s 1.5m homes target by the end of the parliament.

Simon Century, chief executive of the National Housing Bank, said: “This partnership with Aviva is exactly the kind of investment that the National Housing Bank was created for.

“Bringing together government-backed finance and institutional capital from a Sterling 20 investor, it supports the creation of a new housing delivery platform, working with talented delivery partners with the ambition to deliver at scale. It will unlock brownfield land and deliver high quality, affordable family homes for rent across the UK, starting in Liverpool and Manchester.

“We look forward to the establishment of more platforms like this powered by the National Housing Bank, to bring investment from institutional investors and the private sector into England’s housing market.”

David Epstein, managing director, Aviva Capital Partners, said: “This investment will provide working families with high quality, aspirational rental homes with stable tenancies, supporting urban neighbourhoods across the country to get ready for the future.

“The partnership is another way Aviva is investing in the UK, working together with Homes England to improve local economies and communities in cities across the country.”

David Smith-Milne, founder and chief executive of Place Capital Group, said: “Being appointed as the exclusive development partner is testament to the quality of PCG’s delivery capability and track record, as well as the strength of our development pipeline.

“Having secured major regeneration projects in Manchester and Liverpool to kick start this investment, we are excited about our continued expansion nationally to deliver much needed family housing in underserved markets.”