Nuveen’s new UK affordable housing JV targets seniors
Investment manager Nuveen Real Estate is to enter the UK Affordable Housing sector in a joint venture with Preferred Homes which has identified opportunities on three sites in the UK’s regions and cities.
Nuveen, which will invest on behalf of the Teachers Insurance and Annuity Association of America General Account, said in a statement that it will be “leveraging the expertise of local authorities where there is a significant undersupply of extra care housing”.
The company said that the new platform will also help to reduce the cost burden on local authorities to provide care services to their residents, by alleviating the fiscal pressures at local level and releasing funding for other initiatives.
The JV added that it is focused on the development of affordable retirement living and will integrate each scheme within the local area, which will provide opportunities for local businesses and enhanced amenities for local residents. The developments will aim for BREEAM Very Good as a minimum standard. Cycle stores will also be integrated into all designs and electric charging points will be provided in the car parks.
Accessibility and sustainability are key objectives
Each scheme is to be accessible and sustainable and will be designed to enable residents to be part of a community but to retain their independence.
Preferred Homes is a for-profit registered provider of affordable housing and is supported by UK based real estate asset management business Ashbourne Capital Partners, whose management team formed Preferred Homes in April 2020.
“We have identified an opportunity to be an early mover in this emerging sector which offers huge scalability potential in the UK,” said Bill Bateman, managing director for European housing strategies at Nuveen. “With an increasingly ageing population and acute affordable housing shortage Nuveen is looking to provide long-term, impact-driven investment strategies which deliver risk adjusted returns as well as creating social value.”
