M&G Real Estate has acquired 211 affordable homes from the Hyde Group in West Sussex through a £29m (€34m) investment by the M&G Affordable Living Fund, to help address growing demand for high-quality, energy-efficient housing.
The homes are in the Wildbridge development in Yapton, near Chichester, and are managed by Pinnacle Group, part of Hyde Group, alongside M&G’s wider affordable housing portfolio.
Completed last year, the homes are a mix of two to four-bedroom houses and low-rise apartments across shared ownership and social rent tenures.
The acquisition marks the fund’s first move into social rent, broadening its ability to support a wider range of households while increasing the supply of affordable homes.
All homes are EPC A-rated and have air-source heat pumps and integrated solar panels providing renewable energy, helping residents to reduce household running costs.
M&G’s Affordable Living Fund forms part of a UK residential platform of around 4,800 homes across the UK, approximately half of which are affordable. The fund brings together capital from Homes England, local government pension schemes and M&G’s £132bn With Profits Fund. M&G develops and manages a £5bn portfolio across Europe and Asia.
Chris Jeffs, manager of the M&G Affordable Living Fund, said: “This investment reflects the role long term capital can play in expanding access to the highest quality, energy-efficient affordable homes. By working in partnership with an experienced provider such as Hyde in this instance, we can support the delivery of much needed housing while helping to create stable, long-term value for our clients.”
Andy Hulme, group chief executive, Hyde Group, said: “We’re delighted to have continued our partnership with M&G through this latest transaction, which demonstrates the valuable role long-term institutional investment can and must play to help tackle the housing crisis and to support the ongoing delivery of affordable homes. Pinnacle Group, which is part of Hyde, will offer high-quality management services, demonstrating the end-to-end offer we provide partners and customers.”
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