Stories announces new £100 million joint venture to unlock purposeful development
In the four and a half years since we founded Stories, finding passionate landowners with transformational projects has not been our biggest challenge. Whether NHS trusts or community arts centres, what has really held these projects back is the lack of development skills available to help build a credible business plan, and a lack of aligned funding partners to get the project delivered. This means the potential of this land and property to benefit communities and long-term investors is being lost.
By teaming up with Aviva Capital Partners, we can change this story to one that unlocks the potential of purposeful development and improves the quality of life of people across the country. With an initial equity commitment of £100million, this joint venture gives us the opportunity to work with charities, the public sector and the ever-growing number of private organisations whose purpose is to deliver something more. Partnering with property-owning institutions such as the NHS and local authorities, we will be able to help deliver purposeful development to fund core activities and directly benefit communities.
We are delighted to already be under offer on a residential build-to-rent development in London which will deliver 50% affordable housing and be net-zero carbon in operation. When complete, the development will address an undersupply of high-quality rental accommodation in the area and deliver the landowner a long-term income.
Who are we looking to partner with?
Aligned landowners and private organisations wishing to optimise their existing property assets and to deliver projects that have a clear social purpose.
How can we help your development project?
We will engage across the full spectrum of the property development process from design, planning and financing, through to completion and operation. The joint venture is primarily intended to help unlock complex projects through partnership with long term and institutional landowners, acquiring land if needed. We see this model as a solution to the fragmented process of development and ultimately, will help us improve the quality of life in communities across the UK.
Who are Aviva Capital Partners?
Aviva Capital Partners (ACP) is Aviva’s in-house capital unit that uses Aviva’s own financial strength to create projects that improve the infrastructure of our communities while also delivering returns to support retirement incomes for customers. On top of the money it invests on behalf of its customers, ACP will find and originate sustainable, long-term assets using Aviva Group capital.
Aviva Capital Partners will act as a catalyst, taking a broader spectrum of risks where its equity can unlock larger scale assets to back promises to customers.
“Our joint venture with Stories will use Aviva Group’s financial strength to create projects that improve the infrastructure and sustainability of our communities while also delivering enduring returns to support retirement incomes for Aviva’s customers
John Cummins, CEO, Aviva Capital Partners
The joint venture is the first commitment by Aviva Capital Partners (ACP), Aviva’s in-house capital unit. Investing for the future is vital for Aviva’s customers and it’s vital for the UK.