Nuveen Real Estate ( one of the largest investment managers in the world with $144 billion of assets under management )has announced its intention to enter the UK Affordable Housing sector on behalf of the TIAA General Account in a joint venture with Preferred Homes Limited (“PHL”), a for-profit Registered Provider of Affordable Housing, supported by Ashbourne Capital Partners (“ACP”), the UK based real estate asset management business.
The joint venture has identified an attractive pipeline of opportunities across three sites in the UK’s regions and cities, leveraging the expertise of local authorities where there is a significant undersupply of extra care housing. The partnership strategy is focused on the development of affordable retirement living and will integrate each scheme within its local area, providing opportunities for local businesses and an enhanced amenity offering to local residents.
Whilst truly affordable, the schemes are accessible and sustainable, enabling residents to live their lives alongside each other, respecting privacy but embracing community. The sites will contribute to the regeneration of town centres and residential areas across the UK as well as providing a direct solution to the loneliness epidemic amongst the elderly population. The platform will also help to reduce the cost burden on local authorities to provide care services to their residents by alleviating the fiscal pressures at local level and release funding for other initiatives.
With an excellent track record in commercial and residential sectors, the management team of ACP formed PHL in April 2020 enabling the joint venture to directly own and manage affordable housing assets. Retirement living is a growing need as the elderly population increases exponentially in the UK and ensuring affordability for those unable to fund from their own resources is a core principle of PHL’s business plan.
The sites will be delivered in well-connected locations with good access to public transport, targeting BREEAM ‘Very Good’ as a minimum standard on completion of development. Cycle stores will also be integrated into all designs and electric charging points to be provided in the car parks.