Leading insurance company Aviva has unveiled plans to support the deveopment of a new portfolio of build-to-rent green family homes, in a bid to both meet demand for affordable housing in the UK and support efforts to slash emissions from the built environment.
Aviva yesterday announced a new partnership between its global asset management business Aviva Investors and Packaged Living, a Build to Rent developer, which will see the insurance giant acquire and forward fund single-family rental homes directly from housebuilders.
The partners are targeting an initial portfolio of £200m, with an allocation of up to 1,000 homes. Over the coming months, the partners expect to invest a further £500m into the project.
Packaged Living, which is already developing 4,000 properties for rent across the UK, will be responsible for acquisitions, delivery, and management of the portfolio.
The acquired properties will be designed in line with Aviva’s ambitions to achieve