The investment will help Hightown continue its delivery of new, energy-efficient and affordable housing across the region. The Association is currently aiming to provide more than 1,000 new homes over the next two years, including its flagship development of 158 homes and three commercial units in Hemel Hempstead which is due to complete in April 2024.
Aviva Investors made the investment on behalf of the Aviva UK Life annuity business, as part of a strategy to invest in projects across the UK that can deliver social value and long-term benefits for local communities, the asset manager said.
Munawer Shafi, head of structured and private debt at Aviva Investors, said: “We are very pleased to have completed this investment with Hightown and to support its provision of additional affordable and energy-efficient homes across multiple counties.
“With a well-invested stock of existing homes and Hightown’s focus on tackling homelessness, this was an excellent opportunity to commence a relationship and support a dynamic and fast-growing housing association. Its leadership team has delivered over 4,100 affordable tenure homes in the last 10 years, which fits with our preference for investment opportunities that can also contribute to positive impacts at a societal level.”
Marcus Mollan, investment director at Aviva UK Life, added: “As a large and long-term investor in the UK, we are acutely aware of the power our investment activity can have in supporting communities across the UK to get ready for the future. By working closely with Aviva Investors we are able to provide funding for projects such as those being delivered by Hightown, which benefit society whilst also providing an investment which supports retirement income for our customers.”
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