Aviva Investors & Packaged Living to develop 195 energy-efficient family homes in West Midlands

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), and Packaged Living, the specialist UK Build-to-Rent developer, announce they have completed a deal to acquire and develop 195 homes in the West Midlands town of Telford, Shropshire.

It is the first investment made since the two firms announced a partnership (‘The Partnership’) in November 2021, which will create a single-family rental platform of suburban properties across the UK, increasing the supply of affordable homes whilst also supporting the transition towards a low-carbon future. 

The 195 units forward purchased by the Partnership consist of 148 semi-detached, 9 terraced and 38 detached homes, and together will provide over 179,000 sq ft of family housing. The properties form part of the wider Charlton School development in Telford, set on the former site of a secondary school and owned by established UK housebuilder, Vistry Partnerships. 

As part of Aviva Investors’ commitment to achieving net zero across the entirety of its Real Assets platform by 2040, the Partnership will focus on creating sustainable communities, targeting an EPC-A rating for all properties under development and offering highly energy-efficient homes designed to minimise energy usage and costs for families. Three years ahead of government policy, all homes constructed by the Partnership will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives for heating and ongoing energy needs.

The development will also feature electric vehicle charging for every dwelling with an associated parking space, whilst all timber will be sourced from sustainable sources and buildings will be designed to incorporate water recycling measures. An ecologist will also be appointed to undertake a biodiversity assessment, with the Partnership looking to achieve a positive impact upon completion of the project.

The project continues Aviva Investors’ commitment to decarbonise the entirety of its c.£47 billion Real Assets business and reach net zero status by 2040. Last year, Aviva plc announced it's plan to become net zero by 2040,  outlining the most demanding target of any major insurance company in the world, also publishing its ‘Building Future Communities’ report, which outlines Aviva’s recommendations for building and maintaining sustainable properties that are resilient to extreme weather and the effects of climate change. 

James Stevens, Head of Real Estate Investment at Aviva Investors, said:

“As one of the UK’s largest investors in real estate, property and infrastructure, it is hugely important that – consistent with our values – we make a material contribution to the transition towards a low-carbon future, using our size and influence to create meaningful change. With the built environment accounting for a large proportion of total emissions in the UK, our project in Telford is an exciting opportunity to create a community with high social value, which also leads the way in demonstrating how the UK’s residential market can be more sustainable and environmentally conscious.

George Fraser Harding, Head of European Funds at Aviva Investors, added:

“We look forward to working with our partners at Packaged Living to create a family-oriented location which provides much-needed affordable homes to middle-income families. We believe this will be an exemplary development in that regard, with material social and environmental benefits for residents as well as our investors, the large proportion of which are UK pension savers.”

Jonathon Ivory, Managing Director of Packaged Living, commented:

“We believe Single Family Rental is the next chapter in the evolution of the BtR story and we are really excited to be working with our partners Aviva Investors to prove this concept. Our first project will not only provide much needed housing to the local area, it will also demonstrate our commitment to deliver properties that are fit for the future, combining high quality finishes with high energy efficiency, low carbon solutions and importantly lower costs for the families that will live there.”

Aviva Investors was advised by law firm Shoosmiths.

For more information contact:

A picture of James Morgan

James Morgan

Media Relations Manager

A picture of Steve Ainger

Steve Ainger

Head of Media Relations

Important information

The information and opinions contained in this document are for use by the financial press and media only. No reliance may be placed for any purpose on the information or opinions contained in this document nor should they be seen as advice. 

The press release is provided on the basis that Aviva Investors Global Services Limited is not causing the communication of a financial promotion under exemption of the Financial Promotion Order, as Aviva Investors Global Services Limited has no control over the way in which an article based on this press release is prepared and published by the financial press and media. 

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at 11 April 2022. Unless stated otherwise any views and opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. 

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £268 billion in assets under management as at 31 December 2021.

Aviva PLC

We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in Singapore, China and India.

  • We help our 18.5 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2021, we paid £30.2 billion in claims and benefits to our customers.
  • Aviva is a market leader in sustainability. In 2021, we announced our plan to become a Net Zero carbon emissions company by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030.  Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
  • Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/about-us/our-people/
  • At 31 December 2021, total Group assets under management at Aviva Group are £401 billion and our Solvency II shareholder capital surplus is £13.1 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us  
  • The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.
  • You can follow us on:

o    Twitter: www.twitter.com/avivaplc/  

o    LinkedIn: www.linkedin.com/company/aviva-plc

o    Instagram: www.instagram.com/avivaplc

For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva

Aviva Investors Global Services Limited
St Helen's, 1 Undershaft, London, EC3P 3DQ

Phone     +44 (0)20 7809 6000

Fax          +44 (0)20 7489 7940

Web        www.avivainvestors.com

Email      info@avivainvestors.com

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. 
Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.

Telephone calls may be recorded for training and monitoring purposes.