The build-to-rent (BTR) joint venture – known as ‘Wise Living’ – will look to acquire sites and build detached and semi-detached homes available for rent.
The partnership will initially work with local authorities, land agents and housebuilders from across the Midlands.
Wise Living is currently in advanced talks to acquire a number of sites, with construction expected to commence in the coming months.
Current negotiations to acquire a four-acre brownfield site in Mansfield are at an advanced stage, with plans in place to develop 75 predominantly two- and three-bedroom family homes.
“Against the backdrop of a chronic housing shortage in the UK, BTR is increasingly being recognised as an essential part of the solution and we are delighted to be able to support the construction of new, good quality and accessibly priced rental homes,” said Martin Wheeler, co-head at ICG-Longbow.
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“More than 50% of demand for rental accommodation in the UK is from families who want or need more space than is available in a typical metropolitan apartment development.
“Wise Living will deliver for this underserved demographic; building homes in locations with good access to transport links and amenities.
“Funding residential developments is a core strategy of ICG-Longbow and since 2014, we have backed the construction of more than 1,805 residential units in the UK, including 660 which have been sold to third-party private rental operators.”
Andy Deller, group strategy director at SDL Group, added: “SDL Group has more than five years’ proven expertise in assisting the delivery of BTR schemes, whilst it manages over 35,000 homes and is uniquely placed to provide all services seamlessly from under one roof - from site identification and development through to letting and maintaining the properties.
“We look forward to supporting ICG-Longbow as the new venture begins its work to identify sites and build these much-needed new homes.”