UK: Aviva Investors has forward-funded the development of 133 new single-family homes in Wixams, Bedfordshire, as part of its ongoing residential investment partnership with build-to-rent (BTR) specialist Packaged Living.
The new two- to four-bedroom homes will be delivered by housebuilder Barratt Redrow as part of the larger 750-acre Wixams development, which is set to deliver around 4,500 homes when complete.
The deal marks the eleventh transaction under the partnership between Aviva Investors and Packaged Living, launched in 2021, and is the second such funding agreement with Barratt Redrow.
The project is being financed through the Aviva Investors Real Estate Active Long Term Asset Fund (REALTAF).
A proportion of the homes will meet the requirements for Octopus Energy’s ‘Zero Bills’ programme, offering households zero energy bills for up to 10 years thanks to integrated battery storage and solar panels. All units are targeting an EPC A energy efficiency rating.
Ben Sanderson, managing director of real estate at Aviva Investors, said: “We are pleased with the growth of our single-family housing platform, having set out with the initial expectation of funding 1,000 new homes.
The living sector is a core part of our real estate investment strategy, helping the UK get ready for the future by combining high energy efficiency with modern technology.”
Jonathon Ivory, chief investment officer at Packaged Living, said: “This is our second transaction with Barratt Redrow. Over 60 per cent of our investments are now with strategic partners with whom we enjoy programmatic relationships.”
Highlights:
- Aviva Investors has forward funded 133 new homes in Wixams, Bedfordshire
- The development is funded through its REALTAF fund and partnership with Packaged Living
- The development targets EPC A ratings, with some homes eligible for Octopus Energy’s ‘Zero Bills’
