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The joint venture brings together the housing body and investment giant and will launch with\u00a0a seed portfolio of over 1,000 homes.<\/p>\n
The partnership will be jointly equity financed and supported through L&G\u2019s annuity portfolio, which deploys capital into productive assets that aims to generate income to support long-term pension commitments.<\/p>\n
The deal will help accelerate L&G\u2019s ambitions to deliver 10,000 new social and affordable homes by 2030, and Hyde is due to complete over 5,500 homes in the next five years.<\/p>\n
Andy Hulme, Group Chief Executive of the Hyde Group, said: \u201cThere\u2019s a gulf between the funding available and the funding needed to deliver the affordable homes the country needs. Grant alone will not close it. The only way we can close this gap is by bringing pension and other responsible capital into the mix \u2013 and that is exactly what this innovative partnership delivers.<\/p>\n
\u201cHyde offers institutional investors a complete end-to-end service, from investment structuring through to managing homes and the community around them, with every penny of commercial profit reinvested in building more affordable homes and improving existing homes. With L&G\u2019s long-term capital and our national platform, we can deliver more homes, faster.\u201d<\/p>\n
Catherine Raynsford, Managing Director \u2013 stock acquisitions, L&G Affordable Homes, added: \u201cSince establishing our affordable housing business in 2018, L&G has built a strong track record as a trusted leader in delivering high-quality, affordable homes across the UK.<\/p>\n
\u201cThis new partnership with Hyde marks an exciting milestone, combining our heritage and expertise with an innovative approach that aims to attract institutional investment and accelerate the delivery of much-needed affordable housing nationwide.\u201d<\/p>\n<\/p><\/div>\n