Homes England, Muse and the Pension Insurance Corporation have set up a joint venture named Habiko, aimed at delivering 3,000 low-carbon homes for rent over the next 10-12 years. 

Homes England, Muse and PIC are jointly investing an initial £54m in Habiko to acquire land, secure planning permission, and conduct viability assessments. Habiko will be part owned by each of the three joint venture partners.

All homes delivered by the Habiko JV will be for intermediate rent, with rents set at 20% below the local market rent.