Homes England, Swiss Life Asset Managers and Capital&Centric have set up a joint venture called The Impact & Places Partnership to deliver more than 2,250 homes in underinvested areas in England.
The partnership aims to provide £860m worth of new homes over the next 10 years, focusing on regions with the greatest demand.
Homes England holds a 40% stake, while Swiss Life Asset Managers and Capital&Centric share the remaining 60%.
Steve Reed, Secretary of State for Housing, Communities and Local Government, said: “We will get Britain building again by backing brilliant homegrown developers like Capital&Centric, and bringing in major institutional investors like Swiss Life Asset Managers, to build the homes this country desperately needs.
“We are pulling every lever to fix the housing crisis and its exactly this kind of deal that will help us build the 1.5 million homes, faster, and in the communities that need them most.”
Simon Century, chief investment officer at Homes England, said: “Attracting institutional investment into the housing sector is critical to build the new homes the country needs and contributes to the government’s ambition to build 1.5 million new homes in this parliament.
“This new joint venture aims to develop high-quality, mixed-use residential schemes and brings together Swiss Life’s real estate experience and expertise with Capital&Centric’s impressive residential-led placemaking focus.
“Our investment in this joint venture is further evidence of our commitment to attract private capital into the residential market, while supporting small and medium developers to realise their own housebuilding ambitions.”
Jan Plückhahn, head of real estate at Swiss Life Asset Managers, said: “We look forward to bringing our financial strength and expertise, as one of Europe’s longest-standing financial institutions, to the partnership.”
Tom Wilmot, joint managing director of Capital&Centric, said: “The strategy is all about delivering high quality neighbourhoods in a range of locations, not just core cities but also under-invested locations where the impact story is more compelling and the supply and demand dynamics are more favourable.”
