Pinnacle Investment joins housing association as part of joint venture
Hyde Group has acquired a specialist investment platform to help it secure more institutional capital to fund new homes over the next five years.
Pinnacle Investments has joined the 120,000-home provider within a new joint venture partnership, which will work on housing investment, development, landlord services, community services and property management across the UK.
Profits from the joint venture will be invested into new affordable housing and services fro Hyde Group customers.
“We’ve got ambitious plans to be the UK’s best and most diverse housing, property and community services provider, and this joint venture is the latest step in our plan to achieve this,” said Andy Hulme, group chief executive of Hyde.
“We’re combining Pinnacle Investments’ team of experienced real estate investment managers with Hyde’s proven track record of delivering large-scale, high-quality developments.
“This is more than just a financial partnership - it’s about unlocking long-term capital for the benefit of communities in all four nations of the UK.
”We now have a unique platform to attract more investment into the sector, to build the homes this country so desperately needs, while delivering long term, sustainable returns for funders.”
Christopher Turnbull, managing director of Pinnacle Investments, said: “We’re excited to join the Hyde family [and] look forward to working together to unlock the capital to deliver even more positive change for the places and people we work with.”
The deal comes after Hyde’s acquisition of Pinnacle Group, a separate organisation which provides property management and community services across the country, last November.
In April this year, Hyde also completed a merger with the struggling Tower Hamlets Community Housing, which expanded the group’s portfolio by more than 3,000 homes.
No comments yet