Packaged Living has announced a deal with Aviva Investors to help deliver 133 homes at the Wixams development in Bedfordshire.
The deal involves forward funding of the homes by the global asset manager’s Real Estate Active Long Term Asset Fund.
It’s the 11th funding by Aviva Investors since launching its partnership with Packaged Living in 2021. Barratt Redrow will deliver the homes which will target EPC A rating.
A proportion of them will be eligible for Octopus Energy’s zero bills tariff which means no energy bills for 10 years.
The 133 homes are part of the wider Wixams development which comprises around 4,500 properties.
Jonathon Ivory, chief investment officer for Packaged Living, said: “This is our second transaction with Barratt Redrow. Over 60 per cent of our investments are now with strategic partners with whom we enjoy programmatic relationships.
“This ‘rinse & repeat’ approach to the single-family housing business model reduces the time and cost of each transaction, the savings of which are then reinvested in growing the portfolio and solving for the Government’s housing agenda.
“It also doesn’t hurt that Universal Studios just announced it will be developing Europe’s largest theme park on our doorstep.
“This multi-billion-pound investment will create thousands of local jobs and provide our business plan with significant upside potential.”
Ben Sanderson, managing director, real estate for Aviva Investors, said: “We are pleased with the growth of our single-family housing platform, having set out with the initial expectation of funding 1,000 new homes.
“The living sector is a core part of our real estate investment strategy. Having already invested approximately £800 million into UK living, we have an ambition to grow that commitment significantly over the next three to four years.
“These investments show the role private capital can play in supporting the creation of new homes across the country, that can help the UK get ready for the future by combining high energy efficiency with modern technology, thereby lowering costs for families living in them, whilst also delivering long-term investment outcomes.”
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