UK: Homes England has signed a joint venture with developer Muse and the Pension Insurance Corporation (PIC), to deliver 3,000 BTR homes.
The homes will be built across England in areas of high demand, with rents set at 20 per cent below market rates.
Called Habiko, the project will have a 12-year lifespan, with the aim of becoming self-funding during this time by unlocking institutional investment.
The Pension Insurance Corporation will have the ability to continue toward-funding the development of affordable homes, ultimately owning these assets.
Peter Denton, CEO at Homes England, the UK government’s housing and regeneration agency, said: “Attracting institutional investment into the housing sector is critical to build the new homes the country needs.”
Tracy Blackwell, CEO of PIC, said the organisation has invested around £4 billion in social housing to date.
“Meeting the UK’s affordable housing needs is a challenge that is best met through effective collaboration between government, developers, and private investors. Habiko is a great example of public-private partnership, which brings forward thousands of low-carbon, low-energy affordable homes,” she said.
