The world’s biggest property vendor has established a new company to finance the development of affordable housing in Britain.
U.S. public equity giant Blackstone has founded a new venture to fund the construction of new build establishments 10 months after entering the property sector by purchasing previously developed units.
Sage Partnerships, which complements its registered social housing provider, Sage Housing, will look to private developers, housing associations, local authorities, the government, and other partner landowners to finance the delivery of affordable housing.
Sir Michael Lyons will chair the organisation, which is looking at fairly large scale quantities when it comes to public sector land.
Back in January, Blackstone acquired a stake in Sage Housing, which bids to acquire affordable housing built by private developers as part of their Section 106 planning obligations.
Sage Partnerships will finance schemes that have come to a halt or are lacking the funds to continue.
Sir Michael, who also chairs the English Cities Fund, said that they will be looking for parties who own land and have the ambition to deliver affordable housing but lack the necessary financing or might want to join a more evolved partnership.