Canary Wharf Group has forward sold 294 affordable rental homes at its Wood Wharf residential development to the CBRE UK Affordable Housing Fund (AHF) for £84m.
The fund is sponsored by CBRE Investment Management (CBRE IM) and the affordable homes – which are due to complete in 2027 – will be managed by Pinnacle Group in conjunction with CBRE IM.
John Mulqueen, CIO of Canary Wharf Group, said: “We are delighted to work with CBRE IM to create high-quality, affordable homes at Canary Wharf for the benefit of the local community. This agreement between CWG and CBRE IM demonstrates the appeal of the residential developments being constructed as part of the vibrant mixed-use neighbourhood CWG has created, with award-winning buildings, world class amenities and exceptional transport links.”
Andrew Davey, head of liability matching solutions and affordable housing at CBRE IM, added: “It’s been a pleasure working with CWG to deliver state of the art, truly affordable, housing in one of the most vibrant and exciting communities in London. The scheme will deliver on the fund’s objectives to make a positive social impact and achieve our investor’s financial goals.”
Knight Frank acted for Canary Wharf Group.
