Housing Housing

Investing to address the supply and demand imbalance in the UK housing sector.

Investing to address the supply and demand imbalance in the UK housing sector.

Our Housing strategy aims to deliver stable and secure inflation linked returns from affordable residential property while providing material social benefits and positive environmental impact.

A combination of the UK’s demographic make-up and historic lack of investment has contributed to a continuing supply and demand imbalance in the housing sector.

Gresham House’s Housing division has expertise across all residential asset classes including affordable, social and market rented homes, offering unparalleled access to opportunities across the sector.

We offer long term equity investments into housing in the United Kingdom, through listed and unlisted housing investment vehicles via for-profit Registered Providers of social housing management owned by our funds.

The Gresham House Housing investment team has a 19-year track record financing and advising social infrastructure and housing, with a core management team comprising two housing association chief executives and four former advisers to the housing sector.

Why invest in Housing?

House completions are currently significantly below both historical averages and the UK’s requirement. In addition, Government grant funding, traditionally the equity for investment in social housing, has reduced.

Investments in this area can benefit from substantial asset-backing and in turn provide investors with attractive long term cash flow, which itself benefits from:

  • The defensive nature of the underlying assets
  • Downside protection from the underlying asset cover
  • A stable income stream and capital increasing with inflation

Investments in housing also provide a social dividend in the form of subsidised rents and additional strong and quantifiable social benefits. All Gresham House’s Housing investment vehicles create additional new housing with a positive environmental impact.

Our housing investment focus

The pressure to build more homes, combined with a reduction in new UK government grants, is encouraging housing associations and local authorities to seek alternative quasi-equity sources to support their development plans.

We seek to meet this demand to enable them to accelerate the development of socially and economically beneficial new housing making a meaningful contribution to the UK housing shortage.

Our funds are able to invest through our for-profit Registered Providers. These are managed by our Housing division and are regulated by the Regulator of Social Housing, which monitors governance standards, financial viability and tenant satisfaction.

Our Registered Providers have investment partner status from Homes England and the Greater London Authority, entitling them to access government grants and/or acquire properties subject to section 106 planning restrictions.

Our primary focus is on affordable shared ownership and retirement housing, but we also invest in local authority housing for those at risk of homelessness, as well as private rentals investments below £50 million.

For details on how to invest in our housing strategy, please see below or contact our team.

Our Housing investment expertise is complemented by the corporate and debt advisory solutions offered by our TradeRisks team, who provide a range of services to housing associations, local authorities and infrastructure sponsors.

TradeRisks services include:

  • Debt Capital Markets arrangement and placement
  • Debt advisory
  • Treasury advice
  • Derivatives resolution
  • Business plan modelling and audit

Utilising the capital markets enables Local Authorities to structure their debt in a way that suits their funding requirements more closely than traditional PWLB loans.

The team has long-term relationships with leading UK Local Authorities and is a leading arranger of long-term financing for HAs, Local Authorities, care homes and university accommodation.

How can I invest in Housing?

Investors can access Gresham House’s Housing investment opportunities via our listed housing vehicle, Residential Secure Income plc, through Unregulated Collective Investment Schemes (UCIS) or via co-investment opportunities.

For information, please contact:

Heather Fleming, Head of Institutional Business
+44 (0)20 3873 5908
h.fleming@greshamhouse.com

Catriona Buckley, Institutional Business Development Director
+44 (0)20 3903 0573
c.buckley@greshamhouse.com

 

For information about our debt and corporate advisory services, please contact:

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Our Housing funds and advisory services

Residential Secure Income plc (ReSI)

A closed-ended investment company which aims to deliver secure income returns by investing in shared ownership and rental portfolios of homes. For more information visit Residential Secure Income plc.

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TradeRisks Limited

The leading integrated debt advisor for the social housing, social infrastructure and public sectors.

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UCIS opportunities

In addition to our listed funds, the Gresham House Housing team manages investment vehicles classed as unregulated collective investment schemes (UCIS). These are subject to restrictions on promotions to investors.

In order to receive information on these funds you must:

  • Be an investment professional authorised to advise on UCIS; or
  • Have completed a suitability assessment (CFIF)* and been deemed by Gresham House as suitable and appropriate to invest in these funds due to being either a Certified High Net Worth Investor or a Self-Certified Sophisticated Investor; or
  • Be a Certified Sophisticated Investor; or
  • Be an Eligible Counterparty or Professional Client, as set out in the FCA Handbook.

* Client Financial Information Form

Investment team

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