The JV aims to deliver 3,000 homes for rent. Credit: Crovik Media via Shutterstock.

UK housing and infrastructure investor Pension Insurance Corporation (PIC), Muse, and Homes England have entered into a £54m ($70.17m) joint venture (JV) named Habiko.

The long-term public-private partnership has been established with the goal of delivering 3,000 low-carbon, low-energy affordable homes for rent across the country.

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Habiko is set to become a self-funding entity over its 12-year lifespan, with an ambition to diversify the supply chain for future efficient housing developments.

The venture is targeting up to 100% affordable homes for rent, catering to individuals whose housing needs are not met by the market. The rent for these homes is planned to be set at 20% below the average domestic market rent.

Throughout the partnership’s lifespan, PIC will have the opportunity to continue forward funding the development of these affordable homes.

PIC will own the homes and places created through its investment and long-term stewardship approach. This initiative underscores PIC’s role as a major investor in UK housing and infrastructure.

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The homes are to be constructed across England in areas with high demand for affordable housing. The developments are designed to generate social value for local communities, including the potential for job creation and the development of new skills to foster green innovation.

Moreover, the homes will be strategically located in accessible areas, close to employment opportunities.

This JV initiative not only addresses the need for more affordable housing but also aligns with the growing demand for sustainable living solutions.

Homes England CEO Peter Denton said: “Attracting institutional investment into the housing sector is critical to build the new homes the country needs.

“This partnership supports our partners’ objective to deliver low-carbon, low-energy, affordable homes, bringing together the technical expertise and capability of Muse with the financial capacity of one of the UK’s largest pension fund insurers, cementing PIC as a significant force in delivering affordable housing.”