A pioneering investment company Funding Affordable Homes (FAH) has bought a portfolio of 32 supported housing properties across London, the South and the Midlands. The deal, thought to be worth around £25m, represents one of the first deals by FAH.
FAH was established by merchant bank Salamanca to pour millions in equity investment from wealth funds and high net worth individuals into affordable housing in the UK.
The deal includes properties in Exeter, Bournemouth and Preston, occupied by 103 residents in total, with a range of disabilities.
The properties were all either developed or refurbished by a joint venture between property investment companies Topland Group and Henley Investments, and are managed by housing association First Priority Housing.
The properties purchased house, on average, five people. The largest unit houses 14 tenants. Local authorities provide care and support the individuals’ care programmes.
All the properties have been completed over the past 12 months. Funding Affordable Homes expects the pair to reinvest the capital in further supported accommodation development.
Salamanca in February announced a £17m deal to build extra care housing in Essex, which will be leased by One Housing Group.
7th November 2016 | Article by Nick Johnstone | Inside Housing
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