CBRE Investment Management’s UK affordable housing fund and Thrive Homes have secured a portfolio of affordable-rent and shared-ownership properties as part of a long-term partnership.

CBRE IM said it has acquired a portfolio of 117 properties across six schemes in the northern home counties that had been developed by Thrive Homes.

It represents the first tranche of a wider partnership, which aspires to acquire over 1,000 affordable homes, the companies said.

Thrive will retain a minority economic interest in the homes and will also ”oversee the development of and the sales, lettings, onboarding, and aftercare of the co-developed properties that will be available for affordable rent and shared ownership”.

Jack Burnham, executive director of growth and investment for Thrive Homes said the partnership helps to provide Thrive with a viable route to meet its strategic growth objectives to double in size, increasing its development programme to over 500 homes per annum, “but most importantly will enable us to deliver much needed affordable homes in areas that are some of the most expensive to live in the UK”.

Andrew Davey, fund manager of the UK Affordable Housing Fund, CBRE Investment Management, said: “This transaction represents the commencement of an exciting partnership with Thrive, whose ethical ethos is aligned with ours.

“By delivering much needed affordable homes we are meeting our investors’ social impact objectives as well as investing in good quality homes managed by Thrive to provide long-term income for investors.”

To read the latest edition of the latest IPE Real Assets magazine click here.