Aviva Investors, Packaged Living Partner to develop €595m portfolio of U.K. affordable family homes

Aviva Investors has partnered with Packaged Living, a U.K. build-to-rent (BtR) developer, to create a £500 million (€595 million, $667 million) single-family rental platform of suburban homes across the United Kingdom.

The partnership will acquire and forward fund BtR developments which will help meet demand for affordable homes across the United Kingdom, including the South West, South East and Midlands, while simultaneously offering residents more sustainable and energy-efficient properties that can help support the transition to a lower-carbon world. It expects the Platform to be seeded with an initial allocation of as many as 1,000 homes.

The partnership will target an initial portfolio of approximately £200 million (€238 million, $267 million), with a pipeline of investments expected to add £500 million more in coming months. The partnership will acquire and forward fund homes directly from housebuilders, which will then be let to families, offering a flexi