Aviva Investors, the global asset management business of Aviva plc, announces it has partnered with Packaged Living (“the Partnership”), the specialist UK Build to Rent (“BtR”) developer, to create a Single-Family Rental platform of suburban homes across the UK.
The Partnership will acquire and forward fund BtR developments which will help to meet demand for affordable homes across the UK, including the South West, South East and Midlands, whilst simultaneously offering residents more sustainable and energy-efficient properties which can help support the transition to a lower carbon world. It expects he Platform to be seeded with an initial allocation of up to 1,000 homes.
In keeping with Aviva Investors’ commitments to achieving net zero across the entirety of its c.£50 billion Real Assets platform, properties acquired by the Partnership will have sustainability at the front and centre of their design. This will include the use of electric vehicle charging stations, air source heat pumps and all-electric solutions (including photovoltaics) for energy requirements instead of gas-powered solutions, whilst the Partnership has also stipulated that homes target an EPC-A rating, to minimise ongoing energy requirements and cost to occupiers. The change is being made three years ahead of government plans to ban gas boilers from new homes.
The Partnership will target an initial portfolio of approximately £200 million, with a pipeline of investments expected to add a further £500 million in the coming months. The Partnership will acquire and forward fund homes directly from housebuilders which will then be let to families, offering a flexible and affordable solution to the UK’s housing shortage. Packaged Living, which is already developing 4,000 homes for rent across the UK, will be responsible for acquisitions, delivery and management of the portfolio.
Source : Aviva Investors