Gresham House, the specialist alternative asset manager, has formed a strategic partnership worth around £50 mln (€58 mln) with social impact real estate firm, HSPG, as the business continues to build its portfolio of shared ownership and affordable housing.
Under the agreement, Gresham House has exclusive rights to acquire HSPG’s pipeline of shared ownership properties on completion of the units. The responsibility for selling the properties will remain with HSPG.
This is Gresham House’s first agreement to include forward exclusivity, with the asset manager expecting to acquire at least £50 mln of properties as part of the deal over the next three years.
The first transaction under the partnership has now been completed, with Gresham House acquiring 21 completed homes at the Laureate Fields development in the coastal town of Felixstowe in East Suffolk for £2.7 mln.
The deal comes as Gresham House continues to build its presence within the shared ownership and affordable housing space in the UK, with ReSI plc and the ReSI LP fund for institutional investors witnessing strong inflows as investors recognise the importance of inflation-linked strategies in light of the macroeconomic environment.
Alistair Wardell, investment director at Gresham House, said: ‘This partnership will provide added certainty for investors about our future pipeline of acquisitions as we continue to bolster our portfolio of shared ownership housing around the UK. The deal will add further inflation-linked income-generating assets to the trust at a time when this is a particular priority for investors, while also ensuring the financing of crucial affordable housing developments at a time when many local communities face challenges in terms of the cost of living.’
Gresham House invests in assets such as forestry, housing, infrastructure, renewable energy and battery storage, plus public and private equity.
