Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

VENN APPOINTED BY THE DEPARTMENT FOR COMMUNITIES AND LOCAL GOVERNMENT AS THE DELIVERY PARTNER ON THE £3.5BILLION PRIVATE RENTED SECTOR GUARANTEE SCHEME

Venn will operate this landmark scheme that will increase investment to create a bigger, better private rented sector

Venn Partners, an asset manager of real estate and other secured credit announced that, following a competitive public procurement process, it has been appointed by the Department for Communities and Local Government to operate the £3.5 billion ‘Private Rented Sector Guarantee Scheme’ (the Scheme).

Gary McKenzie Smith
Gary McKenzie Smith

Venn shall be responsible for establishing and managing the Scheme, including the origination, underwriting and on-going management of the loans, and developing and managing a new Government guaranteed bond programme to efficiently fund them.

The Scheme aims to accelerate the growth of investment in the private rented sector by institutional investors by providing them access to long term loans that will increase the investment viability of projects to develop new private rented sector homes, initially for £3.5bn with an option to increase it up to £6.5bn.

Unlocking this new investment will increase the supply of new, purpose built and professionally managed private rented sector homes that will help improve standards and increase choice for tenants. The private rented sector is now England’s second largest housing tenure and its further expansion is key to addressing the UK’s housing needs.

The Scheme is targeting large-scale private sector projects worth over £10m, which will be held within the private rented sector for the length of the guarantee and Venn believes there will be a strong level of interest from potential borrowers.

Venn has completed thirteen transactions over the past year predominantly in the UK but also on the European continent. The value of the transactions totals some £1.2 billion in the real estate market. Most recently the firm funded HUB’s £97.5m 360-home development at London’s Royal Docks and earlier this year Venn acquired a €500 million Dutch residential mortgage portfolio from GE Artesia Bank.

Gary McKenzie-Smith, CEO and Managing Partner of Venn Partners, comments:

Paul House
Paul House

“We are delighted to have been appointed as the delivery partner for this important scheme. The mandate is underpinned by Venn’s presence and expertise in delivering term financing solutions and appropriate access points that allow a range of institutional investors to provide the much needed supply of credit into direct lending markets. We combine the real estate and credit underwriting expertise, capital markets track record and strength of investor relationships that is required to ensure the Private Rented Sector Housing Guarantee scheme has a strong start and is a long-term success.”

Paul House, Head of Real Estate and Managing Partner of Venn Partners, added:

“Attracting significant institutional investment to the private rented sector, which is now England’s second largest housing tenure, is critical to underpin its further expansion, improve standards and tenant choice and help increase the supply of new, purpose built homes to help address the UK’s overall housing needs.”

Housing and Planning Minister Brandon Lewis, said:

“We’ve pulled out all the stops to get the country building since 2010, including by creating a bigger better private rented sector.

“Today’s deal with Venn Partners will secure a £3.5billion investment in delivering homes specifically for private rent to ensure a range of developers across the industry get to expand into this growing market.

“This is an exciting and important move that will help strengthen the private rented sector so that it meets the needs of tenants well into the future.  But this wouldn’t have been possible without the tough economic decisions we’ve had to make to restore confidence in our economy, and it’s this strong record that has unlocked this funding.”