CBRE IM forward funds 150 East Sussex homes

CBRE Investment Management has agreed to forward fund 153 affordable homes in East Sussex. The homes, which were acquired on behalf of the CBRE UK Affordable Housing Fund from Vistry Group, are located in Bexhill-on-Sea. Some 89 will be affordable rented homes and 64 will be shared ownership homes. The Gateway scheme includes a community centre, shop, sport pitches and a sports pavilion. Pinnacle Spaces will manage the homes on behalf of CBRE IM. Andrew Davey, head of long income and housing at CBRE IM, said: “The addition of 153 affordable homes follows significant transaction volume in 2023 and reaffirms our commitment to alleviating the affordable housing shortage in the UK. “By leveraging institutional capital, we aim to address the structural mismatch between the demand and supply of quality affordable housing, while fulfilling our investors’ fiduciary duties.” “We look forward to partnering with Vistry to deliver these homes, which we hope will form the start of a long-term partnership with them and supplement our substantial pipeline for the remainder of the year.” Mary McHutchison, regional sales and marketing director for Vistry Kent, said: “As a partnerships-focused housebuilder, Vistry is firmly focused on alleviating the shortage of affordable homes across the UK. “Our relationship with CBRE IM will play a significant part in achieving this across our region. People living in and around Bexhill will have access to more high quality, energy-efficient housing. Working with Pinnacle Spaces as the management company, together we can ensure these homes can benefit a wide range of people.”