Aviva and property developer Stories have formed a £100m joint venture to ‘unlock and deliver development projects that will make a positive difference to the quality of life in communities across the UK’.
The JV partners are looking to team up with landowners to ‘optimise their existing property assets and to deliver projects that have a clear social purpose’ and is already under offer on a BTR development opportunity in London, which will deliver 50% affordable housing and be net zero carbon in operation.
The joint venture, will ‘engage across the full spectrum of the property development process’ and is ‘primarily intended to help unlock complex projects through partnership with long term and institutional landowners, acquiring land if needed’.
John Cummins, Aviva Capital Partners CEO at Aviva, said: “Our joint venture with Stories will use Aviva Group’s financial strength to create projects that improve the infrastructure and sustainability of our communities while also delivering enduring returns to support retirement incomes for Aviva’s customers. The joint venture is the first commitment by Aviva Capital Partners, Aviva’s in-house capital unit. Investing for the future is vital for Aviva’s customers and it’s vital for the UK.”
Richard Meier, CEO of Stories, added: “A lack of equity and development expertise is holding back the ability of many long-term landowners and institutional property owners to maximise the potential of their assets. Our joint venture with Aviva Capital Partners, brings together the skills and financial capacity to unlock this potential and to deliver a range of socially responsible projects across the UK, with long term benefits for local communities and investors.
“Aviva and Stories are forming partnerships with private landowners and property-owning institutions like the NHS, local authorities and charities, to help them deliver purposeful development to benefit their communities directly and fund core activities. These partnerships, built on a shared commitment to social benefit, extend from helping define an opportunity and achieving planning permission, right through into the operation of a development.”
