German investment firm Patrizia is committing £1 billion to help deliver 4,000 affordable homes across the UK.
The funding follows the first UK-Germany regional growth forum in Berlin, where Prime Minister Andy Burnham met German Chancellor Friedrich Merz and business leaders. Patrizia has already invested around £4 billion in the UK.
Local partnerships at the heart of plans
Patrizia says it will work with metro mayors and other local partners to direct long-term investment towards areas where affordable housing is most needed.
The firm said demand for affordable homes was also creating an investment opportunity, while acknowledging that neither public nor private funding could tackle the shortage alone. Its plans are intended to help speed up delivery and support communities over the long term.
Burnham said the partnership should help spread growth beyond a small number of places, while creating jobs and opportunities in both the UK and Germany.
Why it matters for Britain
The investment could add 4,000 affordable homes to the UK housing supply and bring private finance into areas identified as needing more housing. Working with regional leaders may also help connect development with local priorities and employment.
