Packaged Living and Aviva strike Dandara deal
A joint venture between Packaged Living and Aviva Investors has acquired two single-family housing schemes in Milton Keynes to develop 212 new homes.
The sites, purchased from Dandara, have a GDV of £85m.
The jv, which launched in 2021, has developed almost 1,000 homes across seven developments. It is the first investment into the UK residential and living sector made by Aviva Investors’ long-term asset fund, REALTAF, which launched in May 2023 with an initial £1.5bn portfolio of assets.
A joint venture between Packaged Living and Aviva Investors has acquired two single-family housing schemes in Milton Keynes to develop 212 new homes.
The sites, purchased from Dandara, have a GDV of £85m.
The jv, which launched in 2021, has developed almost 1,000 homes across seven developments. It is the first investment into the UK residential and living sector made by Aviva Investors’ long-term asset fund, REALTAF, which launched in May 2023 with an initial £1.5bn portfolio of assets.
The Shenley Wood site will comprise 117 homes, while the Whitehouse development, located within the Whitehouse Park masterplan, will comprise 95 homes.
The Whitehouse Park masterplan will deliver 4,400 new homes, four schools, employment space and community amenities.
Jonathon Ivory, chief investment officer at Packaged Living, said: “Our single-family housing business model is predicated on doing as much repeat business with as few counterparties as possible.
“This is the key to successful single-family housing platform scaling. Aside from delivering a high-quality and sustainable product, Dandara shares our enthusiasm for a true partnership model, one which is built on mutual respect, trust and understanding.”
James Stevens, head of real estate investment at Aviva Investors, said: “These developments are further examples of our ability to deliver projects, leading the way in supporting communities across the UK in helping them get ready for the future. We believe they can bring a great deal of social value to the local areas they are located, whilst also delivering good investment returns for UK pension savers.”
Dandara chief executive Trevor Dempsey said: “These market-leading collaborations are the third and fourth single-family housing funding transactions between Dandara, Aviva Investors and Packaged Living.”
