Key Homes partners with Bridges Ventures in acquisition of key worker housing

Key Homes, the PLUS Markets listed private sector developer and investor in affordable housing, is pleased to announce that it has partnered with Bridges Ventures, the venture capital company with a social mission, in the acquisition of 103 residential apartments with a market value of £9.8M. The properties are subject to a 15 year lease to Plymouth Hospitals NHS Trust and will be managed by Key Homes.

Bridges Ventures has invested c. £2.3m to fund the purchase of the three blocks of studio apartments to provide key worker housing for hospital staff. The property is in Derriford, Plymouth, which meets Bridges’ social criteria of investments situated in the most under invested areas of the UK.

Debt funding was provided by the Newcastle Building Society. The acquisition marks the first in which Key Homes has been involved since its listing on PLUS Markets and is an excellent example of the types of leasing opportunities that management are actively seeking.

Sebert Cox OBE, Executive Chairman of Key Homes, said: “We are delighted that we have been able to source this first investment opportunity and partner with Bridges Ventures to acquire the properties. The transaction is an excellent example of the types of leasing transactions that we are seeking and demonstrates our commitment to providing high quality residential accommodation to the public and social sectors.”

Philip Newborough, Managing Director of Bridges Ventures, said: “We are delighted to be able to work with Key Homes in making this investment, which not only is in one of our key target areas but it also meets one of our other social objectives of backing businesses connected with healthcare. It is a great example of an investment that offers the possibility of meeting our financial objectives of delivering strong returns to our investors as well as meeting our social criteria.”