Insurance firm’s asset management business Aviva Investors has now invested almost £360m in social housing in the UK in 2022
Insurance company Aviva has invested £80m in housing association Cross Keys Homes to help the provider grow and build more homes.
The £82.2m-turnover association will use the funding on its flagship scheme in Northminster, where will provide 315 affordable homes, among other schemes.
Cross Keys Homes has a development programme to deliver more than 2,500 homes over the next five years. It is also part of a joint venture with three other housing associations and developer Vistry to build 680 homes in Littleport, Cambridgeshire.
The housing association works in Peterborough, Cambridgeshire, Huntingdonshire, Bedfordshire and Milton Keynes.
The investment was made by Aviva’s global asset management business, Aviva Investors, which has now invested almost £360 million in social housing providers across the UK in 2022.
Munawer Shafi, head of structured & private debt at Aviva Investors, said: “Social housing remains an important area of investment within our private debt business, not only for the risk adjusted returns it offers investors, but also its ability to create positive outcomes at a societal level.
“It is this dual ability to provide robust cashflows whilst also having an impact within local communities which makes it an attractive area for us to increase our exposure to and our clients are, quite rightly, recognising its value and importance.”
Marcus Mollan, annuity asset origination director at Aviva UK Life, added: “As one of the UK’s largest insurers, we are aware of the power our investment activities can have.
“Therefore, we believe it’s vitally important we are able to access investments which will not only provide us with sufficient investment performance to meet ongoing liabilities, but that can also reflect our desire to have a positive wider impact, whether at a societal, environmental or sustainability level.”
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