This comes after Savills IM acquired Pitmore, the UK development and build-to-rent (BTR) specialist.

The acquisition of Simply Affordable Homes includes a registered provider approved by the Regulator of Social Housing. 

Co-founder and chief executive Dominic Curtis and finance director Jonathan Clarke will continue working at Simply Affordable Homes. 

Simply Affordable Homes’ board includes chairman Keith Exford, who has more than 40 years of housing and property experience.

Also sitting on the board is Amy Santry, who has worked in the social housing sector for 38 years, and Jack Stephen, who was finance director of Thames Valley Housing Association for 21 years.

The first product following the acquisition will be the launch of Savills IM’s UK Affordable Housing Fund.

The fund will have a primary focus on increasing the supply of affordable housing to meet the substantial need which exists across the UK. 

Savills IM says it will target operating with high environmental standards and within the scope of its broader net zero carbon targets. It will also have the flexibility to invest in both shared ownership and affordable and social rent. 

The fund will seek to purchase existing stock from housing associations, allowing them to recycle limited capital and support spending on new home development along with investment in fire safety and decarbonisation. 

In addition, Savills IM says it will create new stock through forward-funding and purchasing from private developers and housing associations through s106 agreements as well as using grant funding. 

The fund will leverage the investment management resources of Savills IM and the research and broking capabilities of the residential team at Savills IM’s sister company Savills UK.

Savills IM chief executive Alex Jeffery says: “We are delighted to bring the Simply Affordable Homes team on board and to partner with Centrus Financial. Together, they have a deep understanding of the sector and bring a wealth of experience and connections. They will be instrumental as we continue to build our Living platform and create a range of products to best serve both existing and new clients.”

Exford adds:  “This acquisition will allow Savills IM to raise the funds to grow Simply Affordable Homes RP. 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”

“We will strike partnerships that promote a collaborative approach to asset management, releasing the inherent value held in longstanding assets.”