Developer closes affordable housing deal with Investment Management Group
LONDON: A developer has finally closed an affordable housing deal with an international investment management group.
Canary Wharf Group (‘CWG’) raised £84m through a forward sale of 294 Affordable rent homes to the CBRE UK Affordable Housing Fund (‘AHF’), a fund sponsored by CBRE Investment Management.
The affordable homes are part of CWG’s Wood Wharf residential development due to be completed in 2027. The residential community at Canary Wharf, currently numbering 3,500 people, is set to double in size over the next few years as CWG completes Wood Wharf including a 1,308-home private build-to-rent (BTR) scheme and affordable housing in the local area.
The homes are to be acquired by AHF a specialist Affordable Housing Fund delivering affordable and sustainable housing across the United Kingdom. The Homes will be managed by Pinnacle Group in conjunction with CBRE Investment Management (CBRE IM).
The 23 acre development at Wood Wharf is an important part of the ongoing evolution of Canary Wharf from a global financial hub into a vibrant mixed-use neighbourhood offering waterside living with easy access to green spaces, shopping, work and leisure including open water swimming, FairGame, electric go karting, and the premium padel club Padium as well as popular restaurants such as Dishoom, Hawksmoor, Mallow and Fish Game.
