The investment has been made via the Octopus Affordable Housing Fund.

This will see affordable homes built in Iwade in Kent, and Hailsham and Bexhill in East Sussex. Twenty-one homes will be built in Bexhill, 77 in Hailsham and 30 in Sittingbourne.

Of the 128 homes, 89 will be available for rent and 39 for shared ownership.

All homes, once complete, will be transferred on a freehold basis to NewArch Homes, Octopus Capital’s for-profit registered provider of social housing.

“This deal marks an important milestone for our affordable housing strategy,” said Ellie Vlavianou, investment director at Octopus Capital.

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“Partnering directly with Bellway for the first time allows us to deploy capital at scale, regionally to support the delivery of high-quality affordable homes where they’re needed most.”

Dan Brady, group affordable housing director at Bellway Homes, added: “Working with Octopus Capital on this forward-funding deal enables us to bring forward a substantial number of high-quality affordable homes across Kent and East Sussex.

“These developments will provide a diverse mix of homes for rent and shared ownership, helping meet local housing need, and giving more people access to well-designed, energy-efficient homes in places where demand remains high.”