Schroders Capital and YMCA deliver new Affordable Homes for young people at risk of homelessness
Schroders Capital, the private markets business of Schroders, today announces the acquisition of 38 new homes in Milton Keynes, on behalf of the Schroders Capital UK Real Estate Impact Fund (SCREIF).
The homes will be contracted to YMCA Milton Keynes (MK), a local charity and Registered Provider of Social Housing. As a result, YMCA MK is able to provide its residents with secure, modern, energy efficient and regulated Affordable Housing, serving as a final stepping stone out of homelessness and into the private housing sector.
The homes are part of Whitehouse Park, a new mixed-use real estate development, which will be home to 4,400 families and deliver new social infrastructure – including a secondary school and three primary schools, a health facility, indoor sports, open space and play areas – providing a range of employment opportunities and community facilities.
SCREIF is a real estate focused fund with the dual aims of delivering a positive social impact in addition to securing appropriate risk-adjusted returns. Taking a residential-led approach, the strategy predominantly focuses on addressing the UK’s housing crisis, specifically, the shortage of social and affordable accommodation, the regeneration of declining town centres and the delivery of social infrastructure.
As the only local charity dedicated to young people facing homelessness, YMCA MK operates a best-in-class campus with approximately 300 people joining each year. The campus comprises three stages, from single rooms to self-contained apartments, which residents move through as they stabilise, secure and maintain employment, and independently manage their tenancy.
After three years within the campus scheme, residents are required to move into the private housing sector; however YMCA MK has identified that many are returning to homelessness due to the chronic lack of affordability and quality of housing options available.
The 38 new homes will meet this need, supporting those moving out of the campus and their transition into the private housing sector at affordable rates – launching a new ‘stage four’, ‘Your Next Move’. ‘Your Next Move’ is the first step in YMCA MK’s ambitious plans to have quality and affordable move-on properties on every estate across Milton Keynes. The homes will be separate from the campus, however residents will continue to benefit from YMCA MK’s support.
Chris Santer, Head of UK Positive Impact Investment and Residential, Schroders Capital, said:
“The waiting list for social housing in England alone comprises 1.3 million households – highlighting the scale of the challenge and urgent need for effective solutions. We firmly believe that private capital has a pivotal role to play, and that collaboration across sectors will be key to achieving this.
“With our strong track record in real estate active management and impact investment, we are uniquely placed to capture the opportunities to drive meaningful social impact whilst generating appropriate financial returns to investors. And by working with organisations like the YMCA, alongside the public sector, we can harness collective strengths to deliver enhanced value and resilient solutions for our clients and society alike.
"Addressing the shortfall of affordable housing is a crucial first step in reducing social inequality, we’re therefore extremely proud to play our part.”
Simon Green, Chief Executive Officer, YMCA Milton Keynes, commented:
“We all need a safe place to call home. This project will revolutionise the way we are able to support our residents into independence and is a clear indication that the housing crisis is being taken seriously. We are proud to be leading the way in this regard and thank Schroders Capital for being a like-minded partner – this collaboration has been key. Whilst we are delighted and proud to launch this project, we are not complacent and have ambitious plans to ensure all young people have a safe place to call home, people they can trust and support to fulfil their potential.”
Last year, SCREIF received a £50 million investment from Homes England, the UK Government’s housing and regeneration agency. It also became only the second real estate fund in the UK to achieve the ‘Sustainability Impact’ label under SDR, underlining the key role this market-leading investment strategy has in addressing social inequality in the UK.
The initiative received support from Milton Keynes Council and Amplius, a charitable housing association registered in England as a community benefit society and registered with the Regulator of Social Housing, as well as grant funding from the UK Government as part of the respective Single Homelessness Accommodation Programme and Affordable Housing Programme.
For further information, please contact:
Rachael Dowers, Media Relations Lead, Private Markets | +44 207 658 2086 | |
Jessye Brandon, PR Manager | +44 207 658 3789 |
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Schroders Capital
Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.
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With $99.3 billion (£79.3 billion; €95.9 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
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