Aviva Investors and Packaged Living’s newly created UK affordable single-family rental (SFR) investment venture has agreed to buy and develop 195 homes.
The joint venture, created in November last year, is developing the homes in Telford in the West Midlands.
The forward purchase deal consists of 148 semi-detached, 9 terraced and 38 detached homes, and together will provide over 179,000sqft of family housing.
The companies said the properties form part of the wider Charlton School development in Telford, set on the former site of a secondary school and owned by established UK housebuilder, Vistry Partnerships.
James Stevens, the head of real estate investment at Aviva Investors, said: “With the built environment accounting for a large proportion of total emissions in the UK, our project in Telford is an exciting opportunity to create a community with high social value, which also leads the way in demonstrating how the UK’s residential market can be more sustainable and environmentally conscious.
George Fraser Harding, head of European funds at Aviva Investors, said: “We believe this will be an exemplary development in that regard, with material social and environmental benefits for residents as well as our investors, the large proportion of which are UK pension savers.”
Jonathon Ivory, managing director of Packaged Living, said: “Our first project will not only provide much-needed housing to the local area, but it will also demonstrate our commitment to deliver properties that are fit for the future, combining high-quality finishes with high-energy efficiency, low carbon solutions and importantly lower costs for the families that will live there.”
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