Key Takeaways
- • CBRE Investment Management has registered a for-profit registered provider of social housing, initially named AHF FPRP Limited, with the Regulator of Social Housing on 3 September.
- • The vehicle is designed to give CBRE Investment Management greater flexibility to access social housing grant and accelerate development.
- • CBRE's UK Affordable Housing Fund owns 3,200 homes, 70% operational and 30% in development, and has allocated around £700m of capital since launching eight years ago.
- • Steven Dennis, former chief executive of Saxon Weald housing association, will chair the new provider; Jamie Ratcliff, chair of the Housing Forum, will sit on the board.
Summary
CBRE Investment Management, the investment arm of funding giant CBRE, has completed registration of a for-profit registered provider, according to Housing Today. The entity was initially called AHF FPRP Limited and was formally registered with the Regulator of Social Housing on 3 September.
The move is intended to provide CBRE Investment Management with more flexibility to access social housing grant, with the aim of accelerating development. Ann Xu, portfolio manager for the CBRE UK Affordable Housing Fund, said the fund had grown and stabilised a portfolio of more than 3,000 homes and that the time was right to establish its own for-profit registered provider. She said the vehicle would support the delivery of high-quality affordable housing and the firm's long-term growth ambitions.
Xu also said the fund has enjoyed a collaborative relationship with the regulator and that the launch formalises that relationship.
The affordable housing fund owns 3,200 homes, 70% of which are operational and 30% in development. Since launching eight years ago, it has allocated around £700m of capital. Steven Dennis, former chief executive of Saxon Weald housing association, will chair the provider, and Jamie Ratcliff, chair of the Housing Forum, will also serve on the board.
The move is intended to provide CBRE Investment Management with more flexibility to access social housing grant, with the aim of accelerating development. Ann Xu, portfolio manager for the CBRE UK Affordable Housing Fund, said the fund had grown and stabilised a portfolio of more than 3,000 homes and that the time was right to establish its own for-profit registered provider. She said the vehicle would support the delivery of high-quality affordable housing and the firm's long-term growth ambitions.
Xu also said the fund has enjoyed a collaborative relationship with the regulator and that the launch formalises that relationship.
The affordable housing fund owns 3,200 homes, 70% of which are operational and 30% in development. Since launching eight years ago, it has allocated around £700m of capital. Steven Dennis, former chief executive of Saxon Weald housing association, will chair the provider, and Jamie Ratcliff, chair of the Housing Forum, will also serve on the board.
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