Cheyne Capital’s UK impact real estate arm has acquired 45 residential units at a London regeneration site for private and key workers.

Cheyne Impact Real Estate has bought the residential units at the 3,463-home Acton Gardens regeneration project in West London from the Acton Gardens partnership between Countryside Partnerships and UK housing association L&Q, in partnership with Ealing Council.

IPE Real Assets understands that the assets being acquired have a gross development value of around £25m (€29.3m). Acton Gardens is a 52-acre redevelopment of the former South Acton estate – an £800m investment creating 3,463 new mixed-tenure homes. 

The joint venture sold Block B2 at Phase 8.2 of the project which which amounts to 32,067sqft in a mix of one and two-bedroom apartments and maisonettes, including accessible units.

Completed in the summer of 2023, the first section of Phase 8.2 has so far delivered a total of 98 new homes, including 32 affordable rent and 21 shared ownership homes.

Adele Sanderson of Cheyne Impact Real Estate said: “Cheyne’s mission is to make high quality and attractively situated rental homes available to those who cannot typically afford them. Countryside Partnerships and L&Q have developed the scheme to a very high standard, and we are excited to be able to offer these homes for a better rental experience, as well as to contribute to the stunning Acton Gardens regeneration by offering a further tenure type that caters to local key workers.

“Creating this affordable rental tenure for key workers at Acton Gardens demonstrates that the thesis we have already proven in other UK cities can be achieved in London also.”

Property consultancy Carter Jonas advised Vistry Group’s subsidiary Countryside Partnerships and L&Q on the deal.

Daniel King, managing director of Vistry Group West London, said: “The 45 new rental homes will complement the 50% affordable housing and private homes that we are delivering at the regeneration, all of which is being built tenure blind, with Cheyne’s professionally managed offering providing a high-quality rental option.

“The discounted rent available for key workers and capped rental increases was a crucial element of this partnership, and will further improve the inclusivity and equity of Acton Gardens.”

Darren Parker, director of development and regeneration at L&Q, said: “Acton Gardens is a truly inclusive, successful community, diverse and open to all and the addition of these new key worker homes will complete this picture.”

Shaan Makwana, associate partner for build-to-rent at Carter Jonas, said: “Our team is experiencing heightened investment activity within the living sector and a continuous flow of new entrants and strategies into the market. Real estate impact investors in the UK play a crucial role in fostering positive change by channelling investment towards sustainable and socially responsible projects.

“Their commitment to creating lasting impact sets a commendable standard for our industry. The stability and long-term income streams associated with living sector projects continue to compel investors in such an economically dynamic environment.”

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