£700m in funding secured for 6,600 new rented homes

Grant Prior 8 years ago
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Sites for an initial 2,000 new homes have been identified in Liverpool and Greater Manchester following the signing of a £700m investment deal to boost the private rented sector.

The inward investment deal will be delivered through UK company Sigma Capital Group with backing from international investors, Gatehouse Bank.

The new joint venture will enable residential and urban regeneration specialist Sigma Capital Group to build up to 6,600 new privately rented homes in the UK.

A first phase of approximately 2,000 residential units is planned with 22 sites already identified in Greater Manchester and Liverpool totalling over 90 acres with a development cost of £200m.

The deal has been struck by UK Trade and Investment’s Regeneration Investment Organisation which has been set up to direct investors to industry-backed development opportunities throughout the country.

Business Secretary, Vince Cable said: “Today’s announcement from Sigma Capital and Gatehouse Bank will create thousands of modern new homes as well as new jobs in Liverpool and Manchester, with similar plans in the pipeline for other regions in the country.

“The UK’s inward investment is booming, growing by 11% last year alone. We want to be even more ambitious and make sure that any new investment is spread right across the country – not just in London and the south east.”

Sigma Chief Executive Graham Barnet said: “We have developed an innovative joint venture model designed to deliver high quality homes in areas of the country where rental housing is in extremely short supply.

“Gatehouse has substantial knowledge of and expertise in the UK property market and has shared our vision for this project. I am delighted that we are now working together to deliver the roll-out of our model, which has the potential to create one of the largest new-build privately rented residential portfolios in the UK.

“Once bank funding is in place, we look forward to delivering the initial tranche of up to 2,000 new homes in Greater Manchester and Liverpool over the next 2 years.”

 

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