London
CBRE UK Affordable Housing Fund Agrees Forward Funding Deal for 245-home Abbey Place scheme in Greenwich
16 Dec 2020
HUB and Bridges Fund Management have secured a forward funding deal with CBRE UK Affordable Housing Fund (AHF) – a fund managed by CBRE Global Investors – to deliver Abbey Place, a development of 245 homes in Abbey Wood, South East London.
Designed by architects shedkm, the 13- and 21-storey residential towers will form a landmark mixed-use development on a key site adjacent to the new Abbey Wood Crossrail station. The scheme will provide 72% affordable housing, as well as three commercial units, a new public square and improvements to the public realm. Abbey Place will improve the arrival experience to the new station and set a new benchmark for development quality in the area.
The forward funding deal with CBRE Global Investors means that work is now expected to begin on site in December 2020, with the scheme expected to complete in Q3 2023.
HUB acquired the site in partnership with Bridges Fund Management. Abbey Place was granted full planning permission in September 2018.
DJ Dhananjai, Fund Manager of CBRE Affordable Housing Fund, CBRE Global Investors said:
“Abbey Place funding shows our commitment to delivering additional affordable housing, and private rented homes at a low rental level in a high quality development. This asset will generate a positive social impact by bringing forward affordable homes in one of the largest regeneration areas in Greater London.”
Tim Barlow, Chief Operating Officer at HUB, said:
“Abbey Place will provide 245 high-quality homes, 72% of which are affordable, and commercial space adjacent to the new Crossrail station. We hope this exceptional scheme will act as a catalyst for further growth in the area.
“HUB has a track record of working closely with local communities to deliver architecturally-superb schemes of which everyone can be proud. We hope that Abbey Place will be at the heart of a thriving community.”
Simon Ringer, Head of Property Funds at Bridges Fund Management, said:
“As the population of London continues to expand, there is a clear need for more lower-cost and affordable housing. Our previous projects with HUB are on course to deliver over 1,000 high-quality units across London, including a significant number of affordable homes. So we are delighted to be partnering again with HUB again for this outstanding scheme in Abbey Wood, which fits perfectly with our focus on growth locations and needs-driven sectors.”
CBRE UK Affordable Housing Fund (AHF) invests in housing stock in the UK, focusing on social and affordable rented housing, shared ownership as well as other tenures such as key worker housing and homeless hostels with the aim to have a significant social impact. The Fund partners with registered providers, who manage the homes.
-ENDS-
For more press information please contact:
Lisa Hill
ING Media
T: +44 (0) 7885 802352
Helen Stott
CBRE Global Investors
T: +44 (0) 782 486 4875
Notes to editors
About HUB
HUB is committed to delivering thoughtfully designed homes and places of outstanding quality in well-connected locations across the UK. HUB has 4,100 homes completed, under construction or submitted for planning. HUB forms strong relationships with local authorities and people close to its developments, working together to deliver exceptional schemes that meet a wide variety of needs. A flexible approach to funding and development models includes council joint venture, sale and leaseback and buying land outright, allowing HUB to deliver compelling returns on investment.
HUB currently has seven developments under construction, in planning or in design and consultation including new homes in Croydon, Greenwich, Wembley and White City, and mixed-use schemes in Maidenhead and Birmingham. HUB’s completed developments include one of London’s first institutionally backed Build-to-Rent schemes, The Rehearsal Rooms in North Acton, as well as The Boiler House and Material Store in Hayes and Hoola London at the Royal Victoria Dock.
www.hubgroup.co.uk
@HUB_Residential
HUB Group UK
About Bridges Fund Management
Bridges Fund Management invests in the transition to a more inclusive and sustainable economy. Its specialist property funds invest opportunistically in growth locations and sectors that are well-placed to benefit from changing demographics and societal needs, driving value through physical and operational improvements. Bridges is also a market-leader in implementing sustainability features that reduce costs, improve valuations and future-proof real estate assets.
www.bridgesfundmanagement.com
@bridgesfundmgmt
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
Designed by architects shedkm, the 13- and 21-storey residential towers will form a landmark mixed-use development on a key site adjacent to the new Abbey Wood Crossrail station. The scheme will provide 72% affordable housing, as well as three commercial units, a new public square and improvements to the public realm. Abbey Place will improve the arrival experience to the new station and set a new benchmark for development quality in the area.
The forward funding deal with CBRE Global Investors means that work is now expected to begin on site in December 2020, with the scheme expected to complete in Q3 2023.
HUB acquired the site in partnership with Bridges Fund Management. Abbey Place was granted full planning permission in September 2018.
DJ Dhananjai, Fund Manager of CBRE Affordable Housing Fund, CBRE Global Investors said:
“Abbey Place funding shows our commitment to delivering additional affordable housing, and private rented homes at a low rental level in a high quality development. This asset will generate a positive social impact by bringing forward affordable homes in one of the largest regeneration areas in Greater London.”
Tim Barlow, Chief Operating Officer at HUB, said:
“Abbey Place will provide 245 high-quality homes, 72% of which are affordable, and commercial space adjacent to the new Crossrail station. We hope this exceptional scheme will act as a catalyst for further growth in the area.
“HUB has a track record of working closely with local communities to deliver architecturally-superb schemes of which everyone can be proud. We hope that Abbey Place will be at the heart of a thriving community.”
Simon Ringer, Head of Property Funds at Bridges Fund Management, said:
“As the population of London continues to expand, there is a clear need for more lower-cost and affordable housing. Our previous projects with HUB are on course to deliver over 1,000 high-quality units across London, including a significant number of affordable homes. So we are delighted to be partnering again with HUB again for this outstanding scheme in Abbey Wood, which fits perfectly with our focus on growth locations and needs-driven sectors.”
CBRE UK Affordable Housing Fund (AHF) invests in housing stock in the UK, focusing on social and affordable rented housing, shared ownership as well as other tenures such as key worker housing and homeless hostels with the aim to have a significant social impact. The Fund partners with registered providers, who manage the homes.
-ENDS-
For more press information please contact:
Lisa Hill
ING Media
T: +44 (0) 7885 802352
Helen Stott
CBRE Global Investors
T: +44 (0) 782 486 4875
Notes to editors
About HUB
HUB is committed to delivering thoughtfully designed homes and places of outstanding quality in well-connected locations across the UK. HUB has 4,100 homes completed, under construction or submitted for planning. HUB forms strong relationships with local authorities and people close to its developments, working together to deliver exceptional schemes that meet a wide variety of needs. A flexible approach to funding and development models includes council joint venture, sale and leaseback and buying land outright, allowing HUB to deliver compelling returns on investment.
HUB currently has seven developments under construction, in planning or in design and consultation including new homes in Croydon, Greenwich, Wembley and White City, and mixed-use schemes in Maidenhead and Birmingham. HUB’s completed developments include one of London’s first institutionally backed Build-to-Rent schemes, The Rehearsal Rooms in North Acton, as well as The Boiler House and Material Store in Hayes and Hoola London at the Royal Victoria Dock.
www.hubgroup.co.uk
@HUB_Residential
HUB Group UK
About Bridges Fund Management
Bridges Fund Management invests in the transition to a more inclusive and sustainable economy. Its specialist property funds invest opportunistically in growth locations and sectors that are well-placed to benefit from changing demographics and societal needs, driving value through physical and operational improvements. Bridges is also a market-leader in implementing sustainability features that reduce costs, improve valuations and future-proof real estate assets.
www.bridgesfundmanagement.com
@bridgesfundmgmt
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.