New government regeneration body secures 6,000 homes deal

Business secretary Vince Cable has announced an investment deal to build up to 6,000 privately rented homes in the UK, the first deal facilitated by the government's new regeneration investment body.

Business secretary Vince Cable
Business secretary Vince Cable

Cable said the £700 million inward investment deal would be delivered through residential and urban regeneration specialist Sigma Capital Group with backing from international investors, Gatehouse Bank.

He said the new joint venture would enable Sigma to build up to 6,600 new privately rented homes in the UK. He said that sites for an initial 2,000 homes have already been identified in Liverpool and Greater Manchester.

The Department for Business, Innovation and Skills said that the deal has been facilitated by UK Trade and Investment’s (UKTI) Regeneration Investment Organisation (RIO), unveiled last week by Prime Minister David Cameron, to direct investors to development opportunities throughout the country.

Cable said: "Today’s announcement from Sigma Capital and Gatehouse Bank will create thousands of modern new homes as well as new jobs in Liverpool and Manchester, with similar plans in the pipeline for other regions in the country".

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