Canary Wharf Group (‘CWG’) raised £84m through a forward sale of 294 Affordable rent homes to the CBRE UK Affordable Housing Fund (‘AHF’), a fund sponsored by CBRE Investment Management.
The affordable homes are part of CWG’s Wood Wharf residential development due to be completed in 2027. The residential community at Canary Wharf, currently numbering 3,500 people, is set to double in size over the next few years as CWG completes Wood Wharf including a 1,308-home private build-to-rent (BTR) scheme and affordable housing in the local area.
The homes are to be acquired by AHF a specialist Affordable Housing Fund delivering affordable and sustainable housing across the United Kingdom. The Homes will be managed by Pinnacle Group in conjunction with CBRE Investment Management (CBRE IM).
The 23 acre development at Wood Wharf is an important part of the ongoing evolution of Canary Wharf from a global financial hub into a vibrant mixed-use neighbourhood offering waterside living with easy access to green spaces, shopping, work and leisure including open water swimming, FairGame, electric go karting, and the premium padel club Padium as well as popular restaurants such as Dishoom, Hawksmoor, Mallow and Fish Game.
John Mulqueen, CIO, CWG, said:
“We are delighted to work with CBRE IM to create high quality, affordable homes at Canary Wharf for the benefit of the local community. This agreement between CWG and CBRE IM demonstrates the appeal of the residential developments being constructed as part of the vibrant mixed-use neighbourhood CWG has created, with award-winning buildings, world-class amenities and exceptional transport links.”
Andrew Davey, Head of Liability Matching Solutions and Affordable Housing, CBRE IM, said:
“It’s been a pleasure working with CWG to deliver state of the art, truly affordable, housing in one of the most vibrant and exciting communities in London. The scheme will deliver on the fund’s objectives to make a positive social impact and achieve our investor’s financial goals.”
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