A £40m forward-funding deal has been struck to support the completion of a residential scheme in Wiltshire. Residential Secure Income LP (ReSI LP), which is managed by investment firm Gresham House, has reached an agreement with housebuilder Countryside which concerns the Langley Park development in Chippenham.
The brownfield site in a former industrial area near the town centre is set to be repurposed into affordable housing, with the funds to go towards 167 new-build properties.
Countryside has plans to eventually build a total of 340 houses and apartments - the remainder of which it will sell on the open market. Construction is scheduled to begin on the site in mid-2023, with the first completions to take place in the third quarter of 2024.
Narvinder Khossa, director of new business in housing at Gresham House, said: “We’re pleased to continue a busy period of activity for ReSI LP with this deal, which will further strengthen the fund’s robust income streams and support the delivery of much needed, affordable housing in Chippenham, especially given the challenging macroeconomic environment.
“It is also testament to the track record of the team that we have partnered with a leading national developer in Countryside Partnerships on this transaction.”
Marc Thompson, divisional managing director at Countryside Partnerships, said the transaction would deliver "vital" housing for local residents.
"Gresham House is a highly respected partner for developers, and we are delighted to work with the company on this development, which will have a real, positive impact for the local community," he added.
Gresham House has now invested in more than 2,150 shared ownership homes across ReSI LP and its separate listed investment trust counterpart, Residential Secure Income plc.
In December, the fund acquired 469 shared ownership homes in Cornwall in a £46m deal, which followed funding for 163 new homes in Somerset and Kent in November.
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