Asset manager ICG-Longbow and residential firm SDL have launched a new joint venture to develop over 2,000 purpose-built homes across the UK over the next three years.
Branded ‘Wise Living’, the new initiative will acquire sites and develop detached and semi-detached housing for rent in the UK. With an initial focus on the Midlands, Wise Living is already in advanced talks to acquire a number of sites with work expected to begin in the coming months.
Negotiations are at an advanced stage to acquire a four-acre brownfield site in Mansfield with plans in progress to develop 75 predominantly two and three-bedroom family homes.
The launch of Wise Living comes on the back of the government’s pledge to tackle the UK housing crisis by building more new homes.
'Against the backdrop of a chronic housing shortage in the UK, BTR is increasingly being recognized as an essential part of the solution and we are delighted to be able to support the construction of new, good quality, and accessibly priced rental homes,' said Martin Wheeler, co-head of ICG-Longbow.
He added: 'Funding residential developments is a core strategy of ICG-Longbow and since 2014 we have backed the construction of more than 1,805 residential units in the UK, including 660 which have been sold to third party private rental operators. Our direct entry into the BTR sector through Wise Living is a natural extension to our investment activities and one that is underpinned by strong demand from investors, who are attracted to the potential to create a highly predictable long term income stream.'
