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Aviva and Stories launch £100m joint venture

Real estate developer Stories has formed a £100m joint venture with Aviva to unlock “purposeful” development projects that improve quality of life in their communities, starting with a 50% affordable build-to-rent scheme in London.

The deal marks the debut investment from the newly formed in-house capital unit Aviva Capital Partners.

The venture will team up with private landowners as well as institutions such as the NHS, local authorities and charities to work on existing assets and deliver new projects that have a clear social purpose. 

Aviva and Stories will engage across the process from design, planning and financing through to completion and operation. The pair is under offer on its first investment, a BTR development in London that will deliver 50% affordable housing and be net-zero carbon in operation. 

John Cummins, chief executive of Aviva Capital Partners, said: “Our joint venture with Stories will use Aviva Group’s financial strength to create projects that improve the infrastructure and sustainability of our communities while also delivering enduring returns to support retirement incomes for Aviva’s customers.”

Stories chief executive Richard Meier added: “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 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.”

Existing projects for Stories, a certified B Corp, include its work as development partner to St Mungo’s at 217 Harrow Road in Westminster, W2 (pictured). The pair recently secured planning permission for a homelessness treatment centre funded by a neighbouring BTR development. 

Stories is also development partner to not-for-profit organisation Mayday Saxonvale in Frome, Somerset, and a charity in Lewisham in south-east London.

To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews

Image courtesy of Aviva/Stories

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