Genesis is entering into a financial agreement with M&G Investments for their Stratford Halo development in East London. The agreement will provide Genesis with a greater capacity to invest in regenerating balanced communities.
The agreement is an early response to the Montague Report, published in August 2012, which identified the potential of financial institutions as providers of funds for ‘build to let’ to satisfy demand for new housing.
Robert Kerse, Genesis’ Executive Director of Resources said: “Genesis is recouping its investments and focusing on regenerating communities by building a diverse range of good quality rental housing in London at a time when young professionals and families on modest incomes are finding it harder than ever to secure homes. As a regulated and reputable landlord, we will retain the management of these properties so ensuring a professional service and avoiding the problems which can arise under multiple or absentee landlords.”
The Stratford Halo development, due for completion later this year, includes over 700 properties, which house a mixture of tenants encompassing affordable rented and shared ownership as well as retail, commercial and leisure space. The 43 floor residential tower is based at the main entrance to the Olympic Park and will create a new London landmark. M&G will acquire 401 of the market rented units in the development and Genesis will lease the properties from M&G for 35 years.