Man Group’s Global Private Markets business (Man GPM) has agreed an investment with UK housebuilder Taylor Wimpey to develop 83 energy-efficient single-family homes in East Hertfordshire, 83% of which will be affordable to median earners in the local area.
The homes form the second investment as part of Patrizia and Man GPM’s JV announced last November to create a £100 mln (€116 mln) UK residential platform.
The 83 new family homes will be built in Stortford Fields' Eastern Neighbourhood at Bishop’s Stortford. Upon completion, the wider residential area will encompass over 1000 homes, schools, and a neighbourhood centre with shops and services.
Shamez Alibhai, MD and head of community housing at Man GPM said the investment demonstrated what was possible when partners with similar visions collaborate. ‘; 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.’
Construction has started on site and the first homes are expected to be occupied before the end of 2024.
