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Investment giant M&G registers for-profit social landlord
Major global investor M&G has registered a for-profit shared ownership subsidiary with the Regulator of Social Housing (RSH).
The subsidiary, M&G UK Shared Ownership, was incorporated in September 2019, according to Companies House. It was officially registered as a social landlord on 16 November this year.
The company is owned by another M&G subsidiary, M&G Shared Ownership REIT, and has three directors: Devonshires’ head of social housing Andrew Cowan, consultant Debra Yudolph and former chief executive of Wokingham Council Jane Earl.
It is the fourth for-profit social landlord to register with the regulator this year, following the registration of AAIM Housing, Preferred Homes and ReSI Homes in March and April.
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AAIM Housing, backed by finance advisor Centrus, intends to use pension fund money to acquire existing social housing, with a focus on shared ownership and general needs.
Preferred Homes, which was registered by investment firm Ashbourne Capital Solutions, plans to use Homes England grant to build 10 land-led extra care developments.
ReSI Homes, which is owned by the same group behind ReSI Housing, will use institutional cash managed by asset manager Gresham House to acquire new social housing, with a focus on shared ownership.
As of February this year, M&G had around £6bn invested in UK social housing through property transactions, public bonds and private placements.
The move to set up a registered provider follows a flurry of activity from several high-profile businesses and investors seeking new ways to invest private money in social housing.
Other investors that have launched social housing arms include Legal & General with L&G Affordable Homes and Blackstone with Sage.
Inside Housing has approached M&G for comment.
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