Real Asset manager Patrizia has teamed up with real estate developer Fabrix to launch a £100m (€115.4m) affordable and alternative housing venture in the UK’s capital.
The Sustainable Communities London (SC London) partnership, focused on repurposing underused urban spaces in London for sustainable, affordable and alternative housing, has an initial equity commitment of £45m of client capital managed by Patrizia.
The pair said SC London’s first scheme at 182-202 Walworth Road in Elephant & Castle is already underway. The project involves the redevelopment of a redundant 1980s office building into a mixed-use, purpose-built student accommodation (PBSA)-led and community-focused development.
Marleen Bekkers, fund manager of Patrizia’s sustainable communities business, said: “This latest expansion of our sustainable communities platform demonstrates how impact-driven investment can address London’s acute housing challenges while delivering long-term value.
“By partnering with Fabrix to repurpose underutilised land and assets like this one in Elephant & Castle, we can deliver high-quality homes while setting new standards for environmental and social impact in the capital.”
Clive Nichol, CEO and founder of London-based Fabrix, said: “Our collaboration with Patrizia allows us to scale our vision of reimagining urban areas to positively impact and serve society.
“Our development at 182-202 Walworth Road is a blueprint for how innovative, community-focused development of alternative housing sectors such as PBSA and co-living can help address London’s housing crisis while delivering significant social and environmental sustainability outcomes. Through Sustainable Communities, we look forward to unlocking the delivery of more much-needed affordable homes for London.”
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