Law firm Trowers & Hamlins has advised The Hyde Group on the formation of a strategic partnership with global investment firm M&G, which will lead to the development of £500m new sustainably designed affordable homes.
The shared ownership venture between Hyde and M&G will see the former fund a £500m pipeline over a number of stages of around 2,000 shared ownership homes.
The first stage of the partnership on which Trowers & Hamlins also acted will see M&G make a £61m purchase of 422 homes in London and Kent, which will remain in the regulated social housing sector and continue to be managed by Hyde for the long term.
The funds received from the shared ownership properties will be reinvested in Hyde's existing portfolio, as well as funding the development of new sustainably designed affordable homes.
Hyde will continue to manage and maintain the properties for the long term and residents will not see any changes to their shared ownership leasehold agreements, rental arrangements or their frontline services.
Trowers Real Estate partner Jeremy Hunt said: “This partnership will have a significant impact on the affordable housing sector as it opens the door to new opportunities and ways of delivering affordable homes, which is of the utmost importance considering the current climate of the UK housing sector."