A fund manager owned by housing association giant Places for People and a social impact investor backed by Lloyds Banking Group have announced a joint venture to build 1,200 sustainable homes.

PfP Capital and the Housing Growth Partnership, which is funded by Lloyds and Homes England, have unveiled plans to develop homes with a gross development value of £390m.

The joint venture is initially seeking to build 10 ‘individually-designed’ urban communities on major urban regional city sites.