A new equity funder set to pour £900m of global finance
into social housing in the UK has completed its first deal – providing £8.5m of
funding to build 80 new council homes. Cheyne Capital has launched a Social
Property Investment Fund comprising cash from global pension funds and high net
worth individuals. It announced its first deal, purchasing and developing a
site to build 80 flats, which Luton Council will rent for 21 years, receiving
full nomination rights. All of the homes will be for a ‘genuinely affordable
rent’, agreed with Luton Council below Local Housing Allowance levels, and are
built with no government grant. The deal marks one of the first direct major
investments in the sector from a group of global equity investors. Read more on
the Luton Council website.
