Aviva Investors has provided funding for 395 affordable houses in the UK.
Aviva Investors has provided funding for 395 affordable houses in the UK.
The £30 mln (€36 mln) tranche is divided between 217 residential properties in South Yorkshire for Alliance Housing Limited and 178 residential properties in Oxfordshire for GreenSquare Community Homes Limited.
The transaction by the Aviva Investors REaLM Social Housing fund, part of the Aviva Investors Returns Enhancing and Liability Matching (REaLM) fund range, represents the fund's first deal with Alliance Homes and the third with GreenSquare. It brings the total investment to date to over £130 mln.
The REaLM fund range was launched in July 2011 to invest in specialist real estate and infrastructure-related assets that provide secure, long-term, inflation-linked income streams. It aims to help institutional investors, particularly UK pension funds, address the challenges they face in matching liabilities and capturing income in a low-yield environment. The assets held are fully amortising, and leases are structured to avoid the uncertain property reversion which is usual for assets held in traditional property funds.
Aviva Investors REaLM Social Housing fund was advised by Chaco Limited and Trowers and Hamlins.
