Global alternative investment manager Man Group has partnered with developer Vistry to forward fund the development of 308 new affordable homes across the UK.
The partnership will develop two projects, located in Hardingstone, Northampton and Finchampstead, Berkshire, with a combined investment of approximately £98m (€112.2m).
The projects are aimed at delivering a mix of affordable rent, social rent and shared ownership homes.
Shamez Alibhai, managing director and head of community housing at Man Group, said: ”These two developments with Vistry demonstrate how institutional capital can be deployed to meaningfully increase the supply of high-quality, affordable homes in areas where people are facing acute housing pressures.
“House prices in both Northampton and Wokingham significantly outpace local incomes, so the need for affordable housing solutions has never been greater.”
Stephen Teagle, CEO, partnerships and regeneration, Vistry, said: ”Delivering the mix of high-quality housing that local communities need is critical to meeting the chronic need for housing in the UK – the driving force behind Vistry’s partnerships strategy.
“These deals with Man Group in Northampton and Wokingham will help us to deliver affordable housing for those that need it at pace and at scale, helping to create thriving and sustainable long-term communities for local residents.”
Tom Shaw, investment director at Man Group, said: ”Our partnership with Vistry reflects our commitment to working with leading housebuilders to unlock solutions to the UK housing crisis.
“Both developments will deliver sustainable, energy-efficient homes that meet modern standards while providing much-needed affordable housing in constrained markets. With over 300 homes across the two sites, we aim to create real impact for communities in Northampton and Berkshire.”
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