CBRE Global Investors Affordable Housing Fund acquires 50 affordable homes at Click's Aspire development in Slough
Residential developer Click, has agreed a deal to dispose of the entire affordable element of its forthcoming Aspire development in Slough to CBRE UK Affordable Housing Fund, a fund managed by CBRE Global Investors, which invests in social and affordable housing across the UK.
The fifty affordable units are part of a 238 unit development in Slough Town Centre which is due for completion in early 2022 and will be operated by a leading registered provider. The development is fully funded and already under construction.
Known for their specialism in MMC and Airspace Development, the transaction marks Click’s first large scale development and signals the commencement of their relationship with CBRE Global Investors. Click will be delivering a further 150 social and affordable homes across London and the South East over the next five years, with a growing pipeline of both rooftop and ‘ground-up' developments.
CBRE UK Affordable Housing Fund (AHF) invests in housing stock in the UK, focusing on social and affordable rented housing, shared ownership as well as other tenures such as key worker housing and homeless hostels with the aim to have a significant social impact. The Fund partners with registered providers, who manage the homes.
Aaron Emmett, Managing Director of Click, says: “We are delighted to have concluded this deal with CBRE Global Investors. Our Aspire Development is all about providing quality homes and we are pleased that our affordable housing funding partner on this scheme shares the same inherent values.
DJ Dhanajai, Fund Manager, CBRE UK Affordable Housing Fund, adds: “Partnering with Click on a development using MMC, at scale and quality aligns with both our ethos and vision - housing delivered at affordable rents, ensuring those on lower salaries will be able to rent or own in the local area. This is in line with our fund objectives of bringing forward additional housing and contributing towards social impact.”
Daniel Minsky, Managing Director at Estate Office Property Consultants, who advised Click on the sale, says: “Click are an inspirational developer—it’s been a pleasure to act on their behalf.”
Click were advised by SJS Law and Estate Office Property Consultants. CBRE Global Investors were advised by BCLP.