A UK affordable housing fund management platform created by Gresham House and living sector-focused fund manager Thriving Investments is forward funding a shared ownership homes project.
The platform has committed £11m (€13.1m) for the development of the 40 homes in Exmouth, Devon.
The deal represents the second transaction since Thriving Investments and Gresham House partnered to establish a new affordable housing fund management platform in November 2024. The new partnership manages the Gresham House Residential Secure Income fund (ReSI LP).
Independent housebuilder 3West Group will deliver the homes over 2025 and 2026.
Ben Fry, fund manager Gresham House Thriving Investments Residential Secure Income, said: “The transaction will fund the delivery of much-needed affordable homes in Exmouth through Devon Pension Fund’s local mandate for investment into its region.
“The delivery of high-quality, energy-efficient housing that is affordable to local residents generates meaningful social impact alongside robust financial returns for investors.
“With a strong pipeline of projects ahead, we’re focused on expanding access to affordable housing in Devon and across the UK, working in partnership with a range of national and regional housebuilders, whilst also providing a blue-print for how LGPS capital can deploy into local, place-based investment opportunities. These projects will provide much-needed homes for local people on low to middle incomes, including young families and key workers.”
David Matthews, business and operations director at 3West, said: “We are delighted to partner with ReSI LP on this important project. This agreement represents a significant milestone for the Goodmores development, reinforcing our commitment to delivering high-quality, affordable housing in East Devon.”
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