Bellerophon BPL has recognised Acuity’s pivotal role in the creation of an innovative joint venture leasing model at the press launch of its new development schemes. This is the first time in the UK three affordable housing schemes (housing 196 families) have been secured based on a model such as this, without any grant funding from the public purse.
Construction works are underway on all three sites and there are at least three more such schemes already in the pipeline in South Wales. The first project was supported by RCT Homes, Wales’s largest housing association and funded by Prudential pension fund.
Jonathan Geen, Head of Real Estate at Acuity and one of the driving forces behind the initiative, said:
“We were really excited to be involved in this project. The structure we developed is very flexible and can be adapted to deal with different land and rental conditions across the UK. It can be rolled out to provide significant finance into the affordable housing sphere and help in the creation of many new affordable homes. Innovation is always a challenge but it is a testament to all involved including BPL, RCT Homes, M&G and Greenbank that we all persisted in driving through the deal.
We are very confident that the model will be used on other schemes and look forward to collaborating with BPL on other such schemes. ”