Property investor the Asset Trust has taken a step closer towards its proposed 拢1bn investment in social housing.
The company signalled the seriousness of its intent to become one of the biggest investors in the sector by making two high-profile appointments to the board of its subsidiary, Asset Trust Housing.

Peter Chapman, director of consultant Hacas Chapman Hendy, and Peter Kershaw, who has more than 25 years' experience in property development, joined the board on 12 November.

Chapman said: "The opportunity to be associated with this major new private initiative to provide rapid and responsive solutions to reducing the affordable housing backlog is very exciting."

Giles McKay, chief executive of Asset Trust Housing, said the company was "tapping the expertise of the marketplace" in order to provide impetus to its plans.

The news came as Asset Trust Housing announced it has lodged bids to buy seven sites in the South-east.

If successful, they could be among the first to be developed as part of the company's plan to build 10,000 homes across the UK by 2008.

McKay said the company had already reached an agreement with one social landlord to work with it on the developments and it has also been in talks with potential developers for the sites.

Asset's plans are based on a business plan that will allow it to invest in social housing without government funding. The housing would be held as a long-term asset.

Source

Housing Today