Global investment manager Nuveen Real Estate has entered the UK affordable housing sector through a joint venture with for-profit affordable housing provider Preferred Homes Limited (PHL).
The two partners will target three sites in the UK’s regions and cities with a significant undersupply of extra-care housing, with an aim to develop affordable, accessible and sustainable retirement living.
According to Bill Bateman, managing director for European Housing Strategies at Nuveen, the sector offers ‘huge scalability potential’ and the project is part of ‘long-term, impact-driven investment strategies which deliver risk adjusted returns as well as creating social value’.
Besides contributing to the regeneration of town centres and residential areas, the sites aim to help fight the problem of loneliness amongst the elderly population.
The platform will also seek to alleviate care service costs for local authorities by reducing fiscal pressures and freeing up funds for other initiatives.
The locations plan to offer good access to public transport and will aim to implement BREEAM ‘Very Good’ as a minimum standard on completion of development.
Cycle stores will be available on all locations, while car parks will include electric charging points.
Nuveen Real Estate is owned by the Teachers Insurance and Annuity Association of America (TIAA) and has $144 bn (€131 bn) of assets under management.
PHL was set up in April 2020 by real estate manager Ashbourne Capital Partners (ACP) to directly own and manage affordable housing assets.
