Aviva Investors and Packaged Living’s UK single-family rental (SFR) investment venture is forward funding 101 single-family homes in Cambridge.
The homes will be delivered by housebuilder Barratt Homes, the country’s largest housebuilder.
The project is part of the Franklin Gardens community within the wider 1,500-homes Darwin Green masterplan.
The latest deal marks Aviva Investors and Packaged Living’s ninth investment in the UK single-family housing market through their build-to-rent platform, launched in 2021. This brings the total number of new homes funded by the partnership to over 1,200 across the country.
James Stevens, head of real estate investment at Aviva Investors, said: “We have a clear strategy to increase our investment into rental housing across the UK, including an ambition to deploy more than £1bn in the coming years. Franklin Gardens is another example of that commitment.
“Set in a prime location and part of a strong regional market, we expect it to create an excellent community offering for residents and families. We think it is a fantastic opportunity to support the delivery of housing into a dynamic region of the UK, which is well-positioned for growth and provide long-term returns for investors.”
Jonathon Ivory, CIO at Packaged Living, said: “It’s great that Packaged Living and Aviva Investors are simply going about the job of facilitating much-needed new housing. This acquisition is further proof of the draw that exciting locations such as Cambridge are having on UK single-family housing.
“Franklin Gardens will deliver much-needed rental housing into an undersupplied area, where demand is underpinned by an extremely buoyant employment market in one of the most dynamic regions of the UK.”
Mark Bailey, regional managing director, Barratt Developments, East Region, said: “We are delighted to be working with Aviva Investors and Packaged Living to deliver private rental properties which complement our already varied tenure at Franklin Gardens, Cambridge.
“It will provide 101 new homes to an area identified as having significant housing need with big potential for growth. We are committed to delivering high-quality sustainable homes and look forward to building a strong relationship with a partner who shares our commitment to quality and housing delivery.”
To read the latest IPE Real Assets magazine click here.
