House and money

UK's first residential Reit to deliver on social housing demand

Demand from new build and stock transfers valued in excess of GBP1.5bn is priming the UK's first ever social housing residential real estate investment trust.

Now in advance of its institutional fundraising drive, the Houses4Homes Reit can reveal details of where its initial investments into the UK's social, extra care and supported housing will be directed.

Throughout 2012, Houses4Homes has carried out a housing needs assessment amongst housing associations, local authorities and other providers in order to gauge requirements around the country.

As a result the Houses4Homes pipeline as of 12 November 2012 is as follows:

- GBP900m funding for new build social housing to be delivered over three years
- GBP250m of new build extra care and supported accommodation to be delivered
over one to two years
- GBP500m+ in existing stock transfers

Phil Shanks, chief executive of Houses4Homes, says: "We are confident the Reit has bridged the credibility gap now. Housing providers understand that we will offer them a low-cost, reliable source of funding and an opportunity to invest their reserves in the Reit itself. Local Authorities are increasingly realising that grant-aiding schemes is simply money down the drain and the opportunity to put grant money into Reit preference shares
means they can protect that investment, withdrawing the money once a project has trended out."

Houses4Homes will shortly announce the appointment of a nominated adviser to act on the Reit's behalf - raising funds from a variety of institutional investment funds before listing on the London Stock Exchange.

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