Fiera Real Estate forms affordable housing partnership with SimplyPhi

Fiera Real Estate has formed a new strategic partnership with Phi Capital Investments via SimplyPhi, a technology provider to public sector organizations and real estate investors.

The Fiera Real Estate Long Income Fund U.K. (FRELIF) will commit an initial tranche of £30 million ($37 million) of equity to acquire a geographically diversified portfolio of homes, which will be leased to U.K. government local authorities who can utilize this stock to house those in need.

Fiera said there is an acute undersupply of affordable housing in the United Kingdom, where a combination of sales, conversion to the government’s “affordable rents” regime, reduction in social rent and restricted funding for new homes is severely limiting current and future supply. There are currently 1.2 million U.K. households waiting for affordable housing and 100,000 in temporary accommodation, including 120,000 children. This is costing the nation approximately £1.4 billion ($1.7 billion) pe