Thriving Investments and Gresham House partnership to deliver 40 shared ownership homes in Exmouth
Thriving Investments, the socially conscious fund manager, and Gresham House, the specialist alternative asset manager, have committed £11 million, via a forward funding agreement, for the development of 40 shared ownership homes in Exmouth, Devon.
It represents the second transaction since Thriving Investments and Gresham House partnered to establish a new affordable housing fund management platform in November 2024. The investment has been made on behalf of the partnership’s shared ownership strategy, Gresham House Thriving Investments Residential Secure Income LP (The Fund or ReSI LP).
The homes will be part-funded by a commitment to ReSI LP from Devon Pension Fund, which is focused on increasing its investment in affordable homes in the region, as well as grant funding from Homes England. The investment extends the Fund’s footprint in the South West of England to 745 homes and is the latest example of how it is providing a solution for local government pension funds to invest in very localised, and often critically undersupplied, markets. Devon is one of four local government pension funds that have invested into ReSI LP to facilitate new affordable homes.
3West Group, an independent housebuilder specialising in high-quality new-build developments in the South West, will deliver the homes over 2025 and 2026. The properties will all be EPC A rated, achieved by meeting the latest Part L energy efficiency requirements and through the installation of solar panels.
To date, ReSI LP has successfully deployed more than £400 million, amassing a portfolio of 1,682 affordable homes across England, of which over 1,100 are occupied.
Ben Fry, Fund Manager Gresham House Thriving Investments Residential Secure Income LP, said: “The transaction will fund the delivery of much needed affordable homes in Exmouth through Devon Pension Fund’s local mandate for investment into its region. The delivery of high-quality, energy efficient housing that is affordable to local residents generates meaningful social impact alongside robust financial returns for investors.
“With a strong pipeline of projects ahead, we’re focused on expanding access to affordable housing in Devon and across the UK, working in partnership with a range of national and regional housebuilders, whilst also providing a blue-print for how LGPS capital can deploy into local, place-based investment opportunities. These projects will provide much-needed homes for local people on low to middle incomes, including young families and key workers.”
David Matthews, Business and Operations Director at 3West, said: “We are delighted to partner with ReSI LP on this important project. This agreement represents a significant milestone for the Goodmores development, reinforcing our commitment to delivering high-quality, affordable housing in East Devon. We look forward to this being the first of many successful collaborations.”
