UK: Packaged Living and Aviva Investors have completed a deal to forward-fund the delivery of 121 new homes in Ebbsfleet, Kent with a GDV of £50 million.
The partners have acquired the homes from Chartway Partnerships Group, a housebuilder specialising in the development of new homes and communities.
The funding marks the eighth investment made by Packaged Living and Aviva Investors since launching a single-family housing platform in November 2021. Since then, the partnership has funded the creation of almost 1,000 new homes across seven developments, with an additional 500 homes in exclusivity.
It is the second investment made by Aviva Investors’ Real Estate Active Long Term Asset Fund (REALTAF), following an investment made in February, as part of a wider funding of 212 homes across two single-family housing developments in Milton Keynes.
The new homes will be located within the Whitecliffe masterplan development, which is expected to deliver more than 6,250 new mixed-tenure homes across a 667-acre regeneration site, and will form the largest development component of the Ebbsfleet Garden City new town.
The scheme will consist of one-, two-, three- and four-bedroom suburban houses providing more than 137,000 square feet of accommodation.
The development at Whitecliffe will also include four new schools as well as extensive community facilities and green spaces across three distinct villages, with the scheme being funded by the Partnership located within the Alkerden village, at the centre of the masterplan, adjacent to the education campus and main district centre.
The new development will offer families highly energy-efficient homes designed to minimise ongoing energy usage. All homes in the portfolio will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives. The Ebbsfleet development will also feature electric vehicle charging for every home, as well as wastewater heat recovery systems, photovoltaic panels and battery storage, to help improve efficiency and further drive down costs.
Jonathon Ivory, chief investment officer at Packaged Living, said: “We’re pleased to welcome Chartway Group to our growing stable of house building delivery partners. As locations go, Ebbsfleet is straight out of Single-Family Housing central casting; employment, schools, transportation, greenspaces and retail (including the butcher, baker and candlestick maker!) all featuring strongly. By the end of this year we shall be managing the homes of over 600 families with another 1,000 heading our way!”
James Stevens, head of real estate investment at Aviva Investors, added: “We want our Long Term Asset Funds to be the go-to option for the UK’s DC and wealth market. The living sector is a critical part of our real estate investment strategy underpinning the Fund, whilst the scheme at Whitecliffe is a significant opportunity for us to develop an expansive scheme at the heart of a new community. We look forward to building a long-term relationship with Chartway and increasing the supply of homes which can help the UK get ready for the energy transition whilst delivering positive outcomes for retirement savers.”
Steve Cresswell, group CEO at Chartway Partnerships Group, said: “At Chartway, our vision is clear: to deliver new homes for everyone. Collaborating with Packaged Living and Aviva on this flagship project in Ebbsfleet, Kent, reflects our commitment to this mission. This partnership not only represents the development of high-quality new homes but also the delivery of an inclusive and sustainable community. We’re delighted to be part of this new development for Ebbsfleet, providing housing for the diverse needs of the local population.”
The deal is the second sale of SFR homes by Chartway this month, after it agreed the sale of 92 units at St Leonard’s in East Sussex to Legal & General SBTR.
