Abrdn and the John Lewis Partnership have agreed to a £500m multi-decade joint venture to deliver around 1,000 new homes across three local communities.
Abrdn, which has £7.4bn (30,000 units) in residential assets under management, says it will offer its investment management expertise. The deal remains subject to the satisfaction of agreed completion conditions.
According to the Partnership, the joint venture will enable it to meet 10 per cent of its goal of constructing 10,000 new houses over the next ten years. In accordance with the agreement, the Partnership will also manage and develop the suggested new sites, including obligations to sustainable development and affordable housing in line with our current 2035 net-zero objective. Greater London’s Bromley and West Ealing, as well as Reading, are scheduled to get these new homes.
John Lewis Partnership executive director for strategy and commercial development Nina Bhatia says: “Our partnership with abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities.
“Our residents can expect homes furnished by John Lewis with first-rate service and facilities. The move underlines our commitment to build on the strength of our brands to diversify beyond retail into areas where trust really matters.”
abrdn head of real assets Neil Slater says: “The critical lack of quality rental accommodation in the UK needs to be addressed, so we are delighted to partner with the John Lewis Partnership to provide the required institutional investment. The ambitions and responsible ethos of our brands both strongly align, and our partnership should offer investors long-term returns and give residents confidence in a top-quality living experience.”
