Funding Affordable Homes (FAH) has acquired 35 shared ownership homes in London’s tallest residential tower from City Pride Ltd for €12.4m (£11m). The homes, which are a mix of studio, one and two-bed apartments, are located in the 75-storey Landmark Pinnacle development at 15 Westferry Road on the southern edge of Canary Wharf in London’s Docklands. They will be managed by Poplar HARCA, a local housing association, which has entered into a management agreement with Funding Affordable Homes Housing Association (FAHHA), the housing association owned by FAH, whose investment adviser is Edmond de Rothschild Real Estate Investment Management.
Paul Munday, fund manager of FAH, said: “We are extremely pleased to complete our second deal with Chalegrove and Poplar HARCA and hope this is the start of a long-term relationship with both parties. The quality of the scheme is exemplary, as evidenced by the volume of sales interest, despite the challenging times we all face. This is further evidence of the sustained demand and need for good quality affordable housing across the UK. The projects at Landmark Pinnacle and Island Point represent our single largest investment to date and provide much needed subsidised rented and shared ownership housing in east London”.
James Whidborne, Head of Residential Fund Management UK at Edmond de Rothschild REIM, said: “FAH now has a seed portfolio of 11 assets, 10 of which are income-producing, with the final asset due to complete in the middle of this year. Our seed portfolio, combined with the merits of the sector from both a social impact and returns perspective, should enable us to now grow the fund to in excess of €562m (£500m) within two years”.
