- Transaction marks next phase in HSPG’s pipeline, following June acquisition of almost 700 units
- Completion of investment comes as rental prices in England surge 9% to reach record high
HSPG, the UK’s leading social impact real estate firm has announced the completion of a new investment, delivering 169 units of Supported Housing across 11 local authority areas throughout England. This transaction is completed in partnership with Kingsley Napley and Abacus Solicitors, with HSPG investing an additional £23m for the much-needed delivery of Supported Housing.
The investment reflects HSPG’s unwavering commitment to tackling homelessness across the UK and follows their £80m venture providing almost 700 homes in June alone.
A significant proportion of the Supported Housing units will be in the Metropolitan Borough of Oldham in Greater Manchester. This comes at an essential time as Manchester homelessness charities spoke out about the alarming number of people coming forwards for help amidst the cost-of-living crisis.
Over 10% of the new Supported Housing units will be in Wolverhampton, where almost 40% of children are living in poverty, placing it in the top five most deprived regions in across the three Black Country boroughs.
Following decades of missed house building targets and an undelivered Levelling Up agenda, many deprived regions outside London and the South East of England are in desperate need of more affordable housing provision. Each of the units has an average weekly cost of £138.49.
With inflation reaching 9.4% and families struggling with a worsening cost of living crisis, England’s homelessness rates are rising. HSPG strives to invest in new housing projects to protect those who would otherwise be left behind. Having doubled staff numbers in just two years, and opened a new office in Leeds, HSPG continues to tackle the housing crisis by providing quality and safe accommodation for those who need it the most.
Mark Edwards, Investment Director at HSPG, commented: “This investment marks the next step in the HSPG journey and further cements our commitment to bringing Supported Housing to people right across the country. As the cost-of-living crisis spirals, it is essential for us to act now to prevent homelessness from becoming more widespread”.
Daniel Clyne, Senior Associate, Real Estate, at Kingsley Napley, commented: “Delivering 169 units of Supported Housing across 11 local authorities is a huge achievement and it has been a pleasure to advise HSPG on yet another investment. We look forward to being able to continue to support HSPG with their upcoming pipeline of transactions”.
Sean Daly, Consultant at Abacus Solicitors, added: “We are proud to have worked with HSPG to deliver this impressive investment that has the potential to transform the lives of hundreds of individuals during a very difficult time. As a business also based in the North West, we are delighted to bring much needed Supported Housing to our local area”.
