Aviva and Stories partner to invest in UK real estate for community facilities and affordable housing

Aviva and Stories partner to invest in UK real estate for community facilities and affordable housing

(IN BRIEF) Insurance company Aviva has partnered with property developer Stories to invest £100m in UK real estate and infrastructure projects. The venture will mark the first funding commitment from Aviva Capital Partners, Aviva’s new in-house capital unit which develops infrastructure assets using Aviva group capital. The two companies plan to work with landowners and institutions such as the NHS, universities, charities and local authorities to provide funding to deliver major projects from inception to completion. The investments will focus on projects that produce community facilities, including affordable and key worker accommodation and university buildings.

(PRESS RELEASE) LONDON, 11-Mar-2023 — /EuropaWire/ — The joint venture is the first funding commitment from Aviva Capital Partners (ACP), Aviva’s new in-house capital unit which originates infrastructure assets using Aviva group capital.

Aviva and Stories will work with landowners and institutions like universities, the NHS, local authorities and charities, to provide the funding needed to deliver major projects from inception to completion. The investments will focus on projects producing community facilities such as affordable accommodation, key worker accommodation and university buildings.

John Cummins, CEO of Aviva Capital Partners, said: “Aviva is using its financial strength to invest in the UK  infrastructure and real estate. Our joint venture with Stories will create opportunities for new sustainable property investment which makes a difference to communities and provides a retirement income for our customers.

“The joint venture is the first commitment by Aviva Capital Partners (ACP), Aviva’s  in-house capital unit. Investing for the future is vital for Aviva’s customers and it’s vital for the UK.”

Stories CEO Richard Meier said: “A lack of equity and development expertise is holding back the ability of many long-term landowners and institutional property owners to maximise the potential of their assets. Our joint venture with Aviva Capital Partners, brings together the skills and financial capacity to unlock this potential and to deliver a range of socially responsible projects across the UK, with long term benefits for local communities and investors.

“Aviva and Stories are forming partnerships with private landowners and property-owning institutions like the NHS, local authorities and charities, to help them deliver purposeful development to benefit their communities directly and fund core activities. These partnerships, built on a shared commitment to social benefit, extend from helping define an opportunity and achieving planning permission, right through into the operation of a development.”

About Aviva Capital Partners

• Aviva Capital Partners (ACP) is Aviva’s new in-house capital unit that will utilise the company’s financial strength to invest in a range of infrastructure projects and deliver returns for our retirement customers.
• ACP will take on a broader spectrum of risks where our equity can unlock larger scale assets.
• For more details on ACP, visit Aviva Capital Partners.

Notes to editors:

• We are one of the UK’s leading Insurance, Wealth & Retirement businesses and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
• We help our 18.7 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 more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
• Aviva is a market leader in sustainability. In 2021, we announced our plan to become Net Zero 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
• While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at www.aviva.com/sustainability/climate/
• 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 https://www.aviva.com/about-us/our-people/
• As at 31 December 2022, total Group assets under management at Aviva Group were £352 billion and our estimated Solvency II shareholder surplus is £8.7 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.
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Media Contact:

Sarah Swailes
Head of Financial Communications
Phone: +44 (0) 7800 694 276
Email: sarah.swailes@aviva.com

Marion Fischer
Group Financial and Corporate Communications
Phone: +44 (0) 7800 693 219
Email: marion.fischer@aviva.com

SOURCE: Aviva