Packaged Living and Aviva Investors have acquired two single-family housing developments in Milton Keynes from Dandara for an undisclosed price.
The homes will be spread across two brand new communities in Shenley Wood and Whitehouse Park, together worth more than £85m.
Shenley Wood, which is located to the south west of Milton Keynes will comprise 117 new single-family homes consisting of two-, three- and four-bedrooms. Whitehouse Park, which is located to the west of central Milton Keynes, will comprise 95 new single-family homes consisting of two-, three- and four-bedrooms.
Packaged and Aviva created a joint venture partnership to deliver affordable and energy-efficient family homes across the UK in November 2021 and since then they have funded the development of almost 1,000 new homes.
The investment is the first into the UK residential and living sector made by Aviva Investors’ long-term asset fund, REALTAF, which launched in May 2023 with an initial £1.5bn portfolio of assets.
Jonathon Ivory, chief investment officer at Packaged Living, said: “We are pleased to be partnering with Dandara once again. Our single-family housing business model is predicated on doing as much repeat business with as few counterparties as possible. This is the key to successful SFH platform scaling. Aside from delivering a high quality and sustainable product, Dandara share our enthusiasm for a true partnership model, one which is built on mutual respect, trust and understanding.”
James Stevens, head of real estate investment at Aviva Investors, added: “As one of the leading and active investors in the UK’s residential and living sector, we are incredibly pleased to provide funding towards the schemes in Shenley Wood and Whitehouse Park. These developments are further examples of our ability to deliver projects, leading the way in supporting communities across the UK in helping them get ready for the future. We believe they can bring a great deal of social value to the local areas they are located, whilst also delivering good investment returns for UK pension savers.”
Trevor Dempsey, CEO of Dandara, said: “These market leading collaborations are the third and fourth single-family housing funding transactions between Dandara, Aviva Investors and Packaged Living. We are pleased to be building on the success of our previous partnership at Dandara’s developments at Towerlands Park, Braintree and Dartford. We look forward to continuing to deliver modern, energy-efficient homes to this dynamic market here in Milton Keynes.”
