A recently created UK housing venture created by Patrizia and Man Group’s global private markets business (Man GPM) has partnered with housebuilder Taylor Wimpey to develop single-family homes.
The venture has teamed up with the UK housebuilder to develop 83 single-family homes in East Hertfordshire, with 83% being affordable to local median earners.
The new family homes will be built in Stortford Fields’ Eastern Neighbourhood at Bishop’s Stortford. The first homes are expected to be occupied before the end of 2024.
The latest deal marks the second project in Man GPM’s £100m (€116.8m) UK residential platform with Patrizia, announced in November 2023.
The joint venture invests in the development of new-build, single-family rental homes to help address the acute shortage of good quality housing for mid-market renters in locations around England where housing affordability is poor.
Shamez Alibhai, managing director and head of community housing at Man GPM, said: “We are passionate about providing high-quality homes which local people can afford to rent, with facilities that allow a healthy, active and environmentally sustainable lifestyle.
“This investment intends to play a dual role of future-proofing the asset to ensure long-term desirability, at the same time as benefiting the environment and directly reducing energy costs and bills for residents.”
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