Savills Investment Management takes majority share in for-profit RP

The board of the for-profit RP includes Keith Exford, former chief executive of Clarion, and Ann Santry, former boss of Sovereign.

Both co-founders of Simply Affordable Homes, chief executive Dominic Curtis and its financial director Jonathan Clarke, will remain at the association.

Alex Jeffrey, chief executive of Savills IM, said: “People in the UK face serious housing challenges, especially at the affordable end of the market. Institutions can play an important part in helping to bridge this gap whilst providing attractive returns for their beneficiaries.

“This acquisition and subsequent fund launch will allow investors to gain access to this high-quality asset class and be a means of meeting their own commitments to socially responsible investment.”

Mr Jeffrey said the deal will allow it to build its European Living Platform and create a range of products to best serve both existing and new clients.

Mr Exford, chair of Simply Affordable Homes, said the acquisition will allow Savills IM to raise the funds needed to grow the for-profit RP.

He said: “Our board and management team is comprised of people with a deep-rooted commitment to affordable housing and extensive practical experience. 

“Our business is intended to support the delivery of new homes by private developers and housing associations, rather than compete with them for new supply.

Mr Exford explained that the landlord will look to strike partnerships with associations to help manage its assets, to ensure “high-quality services for our tenants”. 

The deal follows a similar announcement made by Savills IM last month after its acquisition of development and build-to-rent specialist Pitmore.