UK’s Simply Affordable Homes fund makes first acquisition

Savills Investment Management’s Simply Affordable Homes fund has made its first acquisition, 100 homes bought from the Park Properties Housing Association.

Savills IM said the acquisition is one of a series of planned completions of more than 200 affordable rented and shared ownership homes through its partnership with PPHA, a wholly owned subsidiary of Hornsearle Property Group.

The properties, located in the UK’s South, East and Midlands regions, are spread across 11 sites and comprise a mix of leased homes and homes that will be completed in 2024 and 2025 on a forward commit basis. The homes are built to Energy Performance Certificate B standards.

Savills IM announced the fund’s first close in April 2024. It will invest in and manage a diversified portfolio of affordable housing, comprising both affordable and social-rent homes as well as shared ownership homes, in an open-ended core product.

The fund, which operates under enhanced governance frameworks and a responsible investment strategy, has a ‘Theory of Change’ impact framework designed in conjunction with social impact advisory services firm The Good Economy. This focusses on social impact but also includes a series of forward commitments for reducing carbon emissions over time.

“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,” said fund manager Dominic Curtis.

“The transaction gives us an immediate footprint across various geographies in the South and East of England and Midlands and allows us to start delivering our high-quality services to our customers from day one. These homes are a testament to our strategy of investing in properties that offer both social impact and attractive returns for our investors.”

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