Called ‘The Impact & Places Partnership’, this JV is aiming to deliver over 2,250 new homes in underinvested areas of England. This will target regions where housing demand is “most acute.”

Homes England has a 40% stake in the JV with Swiss Life Asset Managers and Capital&Centric sharing the remaining 60%.

“We will get Britain building again by backing brilliant homegrown developers like Capital&Centric, and bringing in major institutional investors like Swiss Life Asset Managers, to build the homes this country desperately needs,” said MP Steve Reed, housing secretary.

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“We are pulling every lever to fix the housing crisis and it’s exactly this kind of deal that will help us build the 1.5 million homes, faster, and in the communities that need them most.”

Swiss Life Asset Managers is a European asset manager and real estate investor with £259bn in AUM while Capital&Centric is a UK-based regeneration specialist.

Tom Wilmot, joint managing director at Capital&Centric, added: “The strategy is all about delivering high quality neighbourhoods in a range of locations, not just core cities but also under-invested locations where the impact story is more compelling and the supply and demand dynamics are more favourable.”