Schroders Capital has acquired 38 new homes in Milton Keynes on behalf of the Schroders Capital UK Real Estate Impact Fund (SCREIF). The price was not disclosed.
The homes will be contracted to YMCA Milton Keynes, a local charity and registered provider of social housing. As a result, YMCA MK is able to provide its residents with secure, modern, energy-efficient and regulated affordable housing, serving as a final stepping stone out of homelessness and into the private housing sector.
The homes are part of Whitehouse Park, a new mixed-use real estate development, which will be home to 4,400 families and deliver new social infrastructure – including a secondary school and three primary schools, a health facility, indoor sports, open space and play areas – providing a range of employment opportunities and community facilities.
SCREIF is a real estate-focused fund with dual aims of delivering positive social impact and appropriate risk-adjusted returns. Taking a residential-led approach, the strategy predominantly focuses on addressing the shortage of social and affordable housing, the regeneration of declining town centres and the delivery of social infrastructure.
Chris Santer, head of UK positive impact investment and residential at Schroders Capital, said: “The waiting list for social housing in England alone comprises 1.3 million households – highlighting the scale of the challenge and urgent need for effective solutions. We firmly believe that private capital has a pivotal role to play, and that collaboration across sectors will be key to achieving this.
“With our strong track record in real estate active management and impact investment, we are uniquely placed to capture the opportunities to drive meaningful social impact whilst generating appropriate financial returns to investors. And by working with organisations like the YMCA, alongside the public sector, we can harness collective strengths to deliver enhanced value and resilient solutions for our clients and society alike.
“Addressing the shortfall of affordable housing is a crucial first step in reducing social inequality, we’re therefore extremely proud to play our part.”
Simon Green, CEO of YMCA Milton Keynes, said: “We all need a safe place to call home. This project will revolutionise the way we are able to support our residents into independence and is a clear indication that the housing crisis is being taken seriously. We are proud to be leading the way in this regard and thank Schroders Capital for being a like-minded partner – this collaboration has been key. Whilst we are delighted and proud to launch this project, we are not complacent and have ambitious plans to ensure all young people have a safe place to call home, people they can trust and support to fulfil their potential.”
Last year, SCREIF received a £50m (€59.8m) investment from Homes England, the UK government’s housing and regeneration agency. It also became the second real estate fund in the UK to achieve the Sustainability Impact label under the country’s Sustainable Disclosure Requirements.
The initiative received support from Milton Keynes Council and Amplius, a charitable housing association registered in England as a community benefit society and registered with the Regulator of Social Housing, as well as grant funding from the UK government as part of the respective Single Homelessness Accommodation Programme and Affordable Housing Programme.
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