German investment firm PATRIZIA has confirmed plans to add £1bn to its UK Essential Living Platform, which will deliver up to 4,000 affordable, professionally managed homes across the UK. The announcement came during Prime Minister Andy Burnham's visit to Berlin on Thursday, October 8.
New partnership with mayors and local partners
PATRIZIA said it will work directly with mayors and local partners across the country. The investment follows a meeting between the firm and the Prime Minister during his visit to Germany.
Prime Minister Andy Burnham said: "Growth has to reach every part of the country, not just a few places. Germany has shown what strong regions and local leadership can achieve, and we want to learn from that and share our own experience."
Mr Burnham continued: "Today is the start of a new partnership between our businesses, regions and our cities, one that will create good jobs and opportunity for people in both countries."
Investment opportunity and existing UK presence
Asoka Wöhrmann, CEO of PATRIZIA, said: "Our meeting with the Prime Minister reinforced a clear reality: the UK's demand for affordable housing is also a significant investment opportunity."
"PATRIZIA is already investing in homes across the country, and we see considerable potential to do more. By working with metro mayors and local partners, we can help channel long-term institutional capital into the places where housing is needed most."
"Neither public nor private capital can solve this challenge alone, but together we can accelerate delivery and create lasting value for communities across the UK."
The investment adds to around £4bn PATRIZIA has already invested in the UK and is an example of how mayoralties can work directly with business to drive development and growth in their regions.
UK-Germany Regional Growth Forum
To develop this model further, the Prime Minister, along with Germany's Chancellor Merz, brought together British and German business leaders at the first UK-Germany Regional Growth Forum to discuss further opportunities for regional growth in both countries.
The leaders agreed to develop a deeper Regional Dialogue, involving local areas and regions, and will work with them to progress this, with the aim of this taking place in 2027.
