Aviva has partnered with property developer, Stories, to invest £100m in UK real estate and infrastructure projects.
The joint venture is the first financial commitment made by Aviva Capital Partners (ACP), the company’s new internal capital subsidiary that develops infrastructure assets utilising funds from the entire Aviva group.
Aviva Capital Partners CEO John Cummins says: “Aviva is using its financial strength to invest in the UK infrastructure and real estate. Our joint venture with Stories will create opportunities for new sustainable property investment which makes a difference to communities and provides a retirement income for our customers.
“The joint venture is the first commitment by Aviva Capital Partners (ACP), Aviva’s in-house capital unit. Investing for the future is vital for Aviva’s customers and it’s vital for the UK.”
Stories CEO Richard Meier says: “A lack of equity and development expertise is holding back the ability of many long-term landowners and institutional property owners to maximise the potential of their assets. Our joint venture with Aviva Capital Partners, brings together the skills and financial capacity to unlock this potential and to deliver a range of socially responsible projects across the UK, with long-term benefits for local communities and investors.
“Aviva and Stories are forming partnerships with private landowners and property-owning institutions like the NHS, local authorities and charities, to help them deliver purposeful development to benefit their communities directly and fund core activities. These partnerships, built on a shared commitment to social benefit, extend from helping define an opportunity and achieving planning permission, right through into the operation of a development.”