Housing association Metropolitan Thames Valley Housing (MTVH) and ‘for-profit’ provider L&G Affordable Homes have formed a new joint venture.

The 50:50 business aims to build 2,500 homes over the next seven years, with 2,000 of the properties for shared ownership and 500 for affordable rent.

The homes will be managed by 57,000-home MTVH’s shared ownership business So Resi, with L&G providing funding and sharing the revenue. The amount of funding going into the venture from both parties is undisclosed.