Edmond de Rothschild Real Estate Investment Management (REIM) has acquired a 119-unit residential development in Newbury from Nelson Group for £34m.
REIM purchased the recently completed Sterling Gardens development, which comprises 27 apartments for social rent, 62 for affordable rent and 30 for shared ownership, for its UK affordable housing fund Funding Affordable Homes (FAH).
The one-, two- and three-bed apartments will be managed by Pinnacle under a management agreement with Funding Affordable Homes Housing Association (FAHHA), the subsidiary housing association of FAH.
Adrian D’Enrico, fund manager of FAH, said: “Sterling Gardens provides 119 high-quality, attractively designed homes in an accessible, town centre location. The acquisition highlights the role that institutional impact capital can play in delivering new, additional affordable homes using grant subsidy to support viability.”
Richard McCarthy, chair-elect of FAH Housing Association, added: “We are delighted that our deeply experienced team has delivered these new homes into the affordable housing provision of Newbury, with the support of Homes England and West Berkshire grant subsidy. These new homes will help to alleviate local housing pressure, delivering positive social impact for the residents and the wider community.”
