HSPG has sold a portfolio of homes in the South of England the Midlands worth more than £40m to Simply Affordable Homes – a new fund operated by Savills Investment Management.
The portfolio comprises more than 200 homes across 11 schemes, mainly made up of family houses, which will continue to be managed by existing provider Pinnacle Group.
Proceeds from the sale will be reinvested by HSPG into new affordable homes of all tenures across the country.
David Searle, COO of HSPG, said: “The current UK housing crisis and growing demands for social housing require investment solutions. The deal with Simply Affordable Homes is a significant step in HSPG’s mission to establish innovation in housing provision and create exciting investment opportunities which provide solid, long-term returns for investors and mobilise capital to meet the urgent need for affordable homes.
“We’re thrilled to be able to offer Savills Investment Management’s latest fund a portfolio of incredible homes in the South and Midlands. It’s so important to us that homes like these are taken on by operators with a commitment to affordability and quality, and Simply Affordable Homes is the perfect partner for a deal like this. HSPG is continuing its own expansion, building on its existing base of affordable homes including affordable rent, shared ownership and homeless affordable rent housing across the UK.”
Dominic Curtis, fund manager for Savills Investment Management, added: “This first acquisition with PPHA is a significant achievement for the fund and underscores its strategic objective of addressing the UK’s housing challenges by delivering sustainable, affordable housing utilising the fund’s high-quality registered provider Simply Affordable Homes. These homes are a testament to our strategy of investing in properties that offer both social impact and attractive returns for our investors.”
