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From £50k homes to a £1bn platform: HSPG’s next phase in affordable housing
The social impact investor says a £1bn equity injection from Sixth Street into its for-profit provider PPHA will help it acquire around 4,000 homes and hold more stock for the long term. Guy Horne discusses HSPG’s journey
Followers of social housing investment news will have noticed the splash made in April when global investor Sixth Street unveiled a £1bn backing for the for-profit provider Park Properties Housing Association.
Based in San Francisco and managing more than £100bn in assets, Sixth Street’s investment in Park Properties Housing Association (PPHA) – owned by impact investor HSPG – marks a major moment for the fast-growing provider.
PPHA now has a contracted pipeline of around 1,000 homes and, with fresh backing from Sixth Street, a further 4,000 identified for addition to its portfolio.
It is a far cry from HSPG’s beginnings in 2015, when founders Guy Horne and David Searle - two graduates and former “child entrepreneurs” - were buying and refurbishing low-cost homes in Manchester to house homeless families referred by charities, before selling the properties on.
Horne reflects on that journey, and on what comes next for both HSPG and PPHA.
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