Aviva has teamed up with property developer Stories to invest £100m (€112m) in UK real estate and infrastructure projects that will benefit local communities and promote social and environmental sustainability.

The joint venture is the first funding commitment from Aviva Capital Partners (ACP), which originates infrastructure assets using Aviva group capital.

Aviva and Stories will work with landowners and institutions such as universities, the NHS, local authorities and charities to provide the funding needed to deliver major projects from inception to completion. The investments will focus on projects producing community facilities such as affordable accommodation, key-worker accommodation and university buildings.

John Cummins, CEO of Aviva Capital Partners, said: “Aviva is using its financial strength to invest in UK infrastructure and real estate. Our joint venture with Stories will create opportunities for new sustainable property investment which makes a difference to communities and provides a retirement income for our customers.

“The joint venture is the first commitment by ACP, Aviva’s in-house capital unit. Investing for the future is vital for Aviva’s customers and it’s vital for the UK.”

Stories CEO Richard Meier said: “A lack of equity and development expertise is holding back the ability of many long-term landowners and institutional property owners to maximise the potential of their assets. Our joint venture with Aviva Capital Partners, brings together the skills and financial capacity to unlock this potential and to deliver a range of socially responsible projects across the UK, with long term benefits for local communities and investors.

“Aviva and Stories are forming partnerships with private landowners and property-owning institutions like the NHS, local authorities and charities, to help them deliver purposeful development to benefit their communities directly and fund core activities. These partnerships, built on a shared commitment to social benefit, extend from helping define an opportunity and achieving planning permission, right through into the operation of a development.”

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