Posted on 04 October 2023
Our partnership with M&G brings £23 million investment to Eastman Village
With a growing demand for shared ownership homes, we’ve agreed a deal with M&G Real Estate’s Shared Ownership Fund (M&G) worth £23 million, which will see it acquire 73 homes at Eastman Village in Harrow.
Powered by a community heating network, the 2,000 home Eastman Village also has a new school, shops, healthcare facilities and outdoor community space.
Guy Slocombe, our Chief Investment Officer said: “This deal demonstrates how this model is allowing us to accelerate the delivery of more affordable homes, while enabling us to quickly recycle the capital we generate into new schemes.
"By combining our expertise in managing homes with the investment M&G offers, we’re bringing new investment into the sector, and it’s playing an important role in meeting the challenges of the housing crisis.”
We set up our strategic partnership with M&G in 2021, when its Shared Ownership Fund bought 422 of our shared ownership homes in Kent. The homes are managed by us but owned by the M&G Shared Ownership Fund, which is a for-profit registered provider that must meet the same high standards expected by the Regulator of Social Housing. This means the homes will stay in the regulated social housing sector.
We reinvest the money we receive into new homes, with the long-term objective of delivering more shared ownership homes in and around London.
This week M&G announced a series of deals worth a combined £62.7 million to buy 370 homes through a trio of partnerships with Hyde, Chelmer Housing Partnership, and HSPG-backed Park Properties Housing Association.
Alex Greaves, Head of UK and European Living at M&G Real Estate, said: “These latest strategic partnerships mark a crucial step in our journey to meeting the significant demand for the shared ownership model in areas of the country where it’s most needed. It’s also a brilliant example of how the private and public sectors can collaborate to make a positive impact on an underserved market. We’re delighted to be working with Hyde again.”