You are viewing 1 of your 1 free articles
Investment management firm acquires 95 homes from house builder
A global investment management firm is set to acquire 95 homes, which will be for shared ownership and discounted rent, from Crest Nicholson as part of a wider development in Cambridgeshire.
The investment includes 64 houses and 31 apartments at the Alconbury Weald scheme. Of these, 29 will be allocated as shared ownership and 66 will be offered at discounted rent with a focus on essential workers.
Man Group’s private market investment business, Man Global Private Markets (Man GPM) has signed the deal as part of its community housing strategy.
The strategy has the aim of securing both social and financial returns by building affordable homes. Man GPM has previously said its main focus is the “squeezed middle class” who do not qualify for social housing but for whom mortgages are unaffordable.
As part of the same strategy, Man GPM recently signed a £31m deal with modular housing company Ilke Homes for 227 offsite homes to be used on a development in Grantham, Lincolnshire.
READ MORE
Man Group also announced last year an intention to launch its own registered provider of social housing.
Alconbury Weald is a 6,500-home development near Huntingdon in Cambridgeshire.
Crest Nicholson is the sixth house builder working with lead developer Urban & Civic on the scheme.
The homes acquired by Man Group are in addition to the Section 106 allocation on the site and is part of a commitment from both Crest Nicholson and Man GPM to deliver affordable housing in the South East of England.
Kieran Daya, managing director at Crest Nicholson Partnerships & Strategic Land, said: “Working with Man GPM to deliver on their community housing strategy is yet another innovative partnership for Crest Nicholson. Not only does this partnership allow us to bring a new tenure into the wider Alconbury Weald community, it also delivers sought after essential worker accommodation to Cambridgeshire.
“We have a strong history in creating dynamic, high-quality communities throughout the South East and strategic partnerships, like our new relationship with Man GPM, help us deliver on that heritage in a new way. We are looking forward to continuing our work with Man GPM and other new entrants into the market over the coming years.”
Shamez Alibhai, portfolio manager and head of community housing at Man GPM, said: “The Cambridgeshire area has been an important economic engine in the UK. Unfortunately, this has meant that a large proportion of households, including essential workers, have been priced out of the market for either homeownership or rent.
“Our investment with Crest Nicholson on this high-quality development will mean that we can offer homes in which families can afford to live and work in the Cambridgeshire area.
“Man GPM has a strong commitment to delivering housing that is affordable and sustainable in the towns and cities in which we invest and by partnering with quality developers, like Crest Nicholson and others, we can address the housing imbalances in the country.”
Update: at 12.16pm, 03.03.21
The original version of this story described Man Group as a hedge fund. It has now been updated as Man Group is an investment management firm.
Sign up for our development and finance newsletter
Already have an account? Click here to manage your newsletters
