The Pension Insurance Corporation (PIC) has invested £67m in an affordable housing deal with the London Borough of Bromley.
The investment vehicle is aiming to help alleviate local emergency homelessness in the South London borough.
The investment will be used to purchase up to 300 affordable properties outright. Through this it aims to reduce the Council’s current cost of emergency nightly accommodation by eliminating reliance on hotel rooms for families in need of temporary accommodation.
This funding concept is a key part of LBB’s Housing and Homelessness strategy. The properties will be managed by specialist housing group, Orchard and Shipman.
With funding provided by PIC and Bromley Council, Orchard & Shipman will be responsible for sourcing, buying and then managing the properties on a fully insuring and repairing basis for 50 years. After this time the ownership will revert to Bromley Council
Councillor Peter Morgan, Bromley’s Executive Councillor for Renewal, Recreation and
Housing, said: “We are delighted to have completed this deal, which will allow us to help
families in genuine need whilst better managing Bromley’s budget.”