Aviva Investors has acquired a site for the development of over 163 family homes in partnership with specialist UK build-to-rent developer Packaged Living.

The global asset management business of insurer aviva paid an undisclosed sum to buy the 7.66-acre site located less than a mile from Ipswich town centre.

James Stevens, the head of real estate investment at Aviva Investors, said: “We are pleased to add a further scheme to our portfolio of residential developments, which will help to provide energy-efficient and affordable housing to an undersupplied market.”

The asset manager’s current residential developments include the construction of 195 affordable and energy-efficient homes in the West Midlands of the UK, as well as two schemes in Spain involving a 71-home project in the Sants district of Barcelona and 85 units in the La Gripia district of Catalonia.

“The project also continues our programme of actively improving the energy-efficiency standards of new homes in the UK, thereby lowering ongoing energy costs for families living in them and ensuring this scheme can deliver value long into the future,” Stevens said.

George Fraser Harding, the head of European funds at Aviva Investors, said: “We have high ambitions to continue growing our portfolio of build-to-rent homes in the UK and across Europe, and it is great to expand our partnership with Packaged Living further.

“Our intention with this scheme is to create a housing community of great quality, offering local amenities to residents whilst also being in such close proximity to a town centre that we believe has exciting growth dynamics.”

Jonathon Ivory, managing director of Packaged Living, said: “Despite recent economic turbulence, our conviction levels for single-family rental remain as high as ever. Indeed, if previous recessions have taught us anything, it is that rental residential performs relatively better than other real asset classes during times of economic uncertainty.”

David Hirschfield, director of Galliard Homes, said: “We are delighted to partner up with Aviva Investors and Packaged Living to deliver for them 163 best-in-class houses in a significant growth area of Ipswich with excess rental demand.

“In a high-inflation environment, this deal demonstrates the old adage that residential assets continue to be a robust hedge against inflation. We look forward to working and partnering with Aviva Investors and Packaged Living going forward to expand our collective build-to-rent portfolio in the UK.”

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