International law firm, Trowers & Hamlins, has advised the Schroders Capital UK Real Estate Impact Fund (SCREIF) on its landmark acquisition, involving the purchase of 38 new affordable homes in Milton Keynes.
SCREIF is a real estate focused fund with the dual aims of delivering a positive social impact in addition to securing appropriate risk-adjusted returns. Taking a residential-led approach, the strategy predominantly focuses on addressing the UK’s housing crisis, specifically, the shortage of social and affordable accommodation, the regeneration of declining town centres and the delivery of social infrastructure.
The 38 homes will be contracted to YMCA Milton Keynes (MK), a local charity and Registered Provider of Social Housing, and will be used as affordable move-on properties to help residents of YMCA MK make the transition into the private housing sector.
Chris Santer, Head of UK Positive Impact Investment and Residential, Schroders Capital, said:
“The waiting list for social housing in England alone comprises 1.3 million households – highlighting the scale of the challenge and urgent need for effective solutions. We firmly believe that private capital has a pivotal role to play, and that collaboration across sectors will be key to achieving this.”
Real Estate Associate Joshua Green, who led on the deal, said:
"We are delighted to have supported SCREIF on its landmark investment, which is a fantastic example of how institutional capital can make a really positive societal impact. We are pleased to have provided advice across the transaction lifecycle. This structure could provide a blueprint for future investments to secure additional housing provision.
By delivering affordable housing to support young people in Milton Keynes who are facing homelessness, this transaction has allowed SCREIF to achieve its aim of making a positive social impact."
The Trowers team on the project was Joshua Green, Rob Beiley and Jeremy Hunt from the Real Estate team. Jonathan Grosvenor and Natalie Singh advised on the financing aspects of the acquisition.
