Further £20m

SNIB tops up support for affordable homes fund

Homes provided through the fund

The Scottish National Investment Bank has topped up its support for a fund aiming to deliver 1,500 energy-efficient homes across the country.

It has provided a further £20 million to the New Avenue Living Fund taking its total investment to £80m.

The fund, managed by social value manager Thriving Investments, has so far delivered 649 homes with 422 under development. The homes are rented out at reduced rates on the open market, boosting the supply of affordable homes.

Other investors include Strathclyde Pension Fund, which last year committed a further £20m, Nationwide Building Society Pension Fund, and Places for People Scotland.

The fund targets inflation protection alongside long-term capital growth and since launch in 2019 a total of nine sites have been acquired in Edinburgh, Leith, Glasgow, Paisley, and Midlothian.

William Kyle, mid-market rental fund director for Thriving Investments, said: “The role of private capital in meeting the shortfall of housing in the UK has never been more critical, and we recognise our responsibility as stewards of that capital to showcase the pace and scale that can be achieved with the right platform.”

Thriving Investments began as PfP Capital in 2017 as the first and only fully-authorised fund manager wholly owned by a social enterprise and regulated provider of social housing.

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