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In brief: Aviva readies £700m for UK rentals

A new housing development in the UK is prioritising sustainable affordability.

Aviva Investors has partnered with an affordable housing specialist to build eco-friendly homes to address the UK’s housing demand.

The investment group for the insurance giant Aviva is planning to finance an initial 1,000 homes, representing around £200 million (€238 million; $267 million), in the southeast, southwest and Midlands alongside the build-to-rent developer Packaged Living, according to a statement. The pipeline of investments is expected to add a further £500 million.

Sustainable and energy efficient homes will be “at the front and centre” of design; green features of the affordable housing developments will include all-electric energy sources and vehicle charging stations, air source heat pumps and efficiency standards to minimise overall energy requirements, the statement said.

“Our partnership with Packaged Living will focus on provision of homes where the need is greatest, whilst also delivering properties that are fit for the future,” George Fraser-Harding, fund manager at Aviva Investors, said. The asset manager committed this year to reaching net-zero carbon emissions from its investments by 2040.