The joint venture brings together two of the UK’s largest investors in housing1: L&G – a major UK insurer, pension scheme manager and affordable housing leader that has invested more than £1bn through its L&G Affordable Homes business – and Hyde, a not-for-profit housing, property and community services provider, that owns or manages 125,000 homes.
The 50/50 partnership is launching with a seed portfolio of over 1,000 homes – encompassing social rented and shared ownership homes – with the ambition for further joint investment.
Confirmed details from the source coverage
The homes will be acquired by two existing For-Profit Registered Providers (FPRPs) which are jointly owned by Hyde Group and L&G (Halesworth Limited and Lanecroft Homes Limited).
The partnership demonstrates how pension capital and institutionally-owned registered providers can work together with housing associations, alongside public investment, to deliver additional affordable homes – aiming to generate stable, inflation-linked returns for pension savers while delivering homes the country urgently needs.
Hyde recycles any profits into creating more affordable housing, and by re-investing in existing homes, the partnership will work together to create more high-quality, sustainable homes.
New homes will be delivered to the highest energy performance standards, in line with Hyde’s approach that all new homes it builds will reach a minimum of EPC high band B by 2027, and EPC band A by 2030, and L&G’s longstanding commitment that all new homes will be Net Zero in operation by 2030.
Context that stayed inside the record
Hyde acquired Pinnacle Group in October 2024, creating a national housing platform that develops, manages and services affordable homes at scale across all four nations of the UK.
Pinnacle, which manages over 70,000 homes, already manages homes on behalf of L&G Affordable Homes under a ten-year framework agreement, providing tenancy management, building compliance, repairs and maintenance across a portfolio of c.3,000 affordable rent and shared ownership homes, with a further pipeline of over 5004.
L&G Affordable Homes will leverage its successful track record within the sector, which includes building a portfolio of over 9,000 affordable homes, to act as strategic asset manager to the partnership with assistance from Pinnacle Investments (which joined the Hyde Group in August 2025).
The partnership helps accelerate L&G’s ambitions to deliver 10,000 new social and affordable homes by 2030, and Hyde is due to complete over 5,500 homes in the next five years.
