Firm wants to accelerate development of affordable housing in UK
Funding giant CBRE’s investment arm has successfully completed registration of a for-profit provider.
The move to register the body, initially called AHF FPRP Limited, is intended to provide more flexibility for CBRE Investment Management to access social housing grant to accelerate development.
Ann Xu, portfolio manager for CBRE UK Affordable Housing Fund said: “Having grown and stabilised a portfolio of more than 3,000 homes, we feel now is the right time to establish our own for-profit registered provider. This will provide greater flexibility to accelerate the delivery of high-quality affordable housing and support our long-term growth ambitions.
“We have enjoyed a collaborative relationship with the regulator and we are pleased to formalise that relationship with the launch of our registered provider.”
The for-profit provider, which was formally registered with the Regulator of Social Housing on 3 September, will be chaired by Steven Dennis, former chief executive of Saxon Weald housing association. Jamie Ratcliff, chair of the Housing Forum, will also be on the board.
CBRE Investment Management’s affordable housing fund owns 3,200 homes, 70% of which are operational and 30% in development. It has allocated around £700m of capital since it launched eight years ago.
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