Hyde Group and Legal & General have formed a new investment partnership to deliver more affordable homes across the United Kingdom.
The joint venture brings together two of the United Kingdom’s largest investors in housing: L&G — a major U.K. insurer, pension scheme manager and affordable housing leader that has invested more than £1 billion ($1.34 billion) through its L&G Affordable Homes business — and Hyde, a not-for-profit housing, property and community services provider that owns or manages 125,000 homes. The deal is a blueprint for how institutional capital can be invested to help fund social and affordable housing.
The 50-50 partnership is launching with a seed portfolio of more than 1,000 homes — encompassing social rented and shared ownership homes — with the ambition for further joint investment. The homes will be acquired by two existing For-Profit Registered Providers (FPRPs) which are jointly owned by Hyde Group and L&G (Haleswo
