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Headed by Richard Stonehouse based in London
London, 20th January 2014 – Jones Lang LaSalle Residential has launched an Affordable Housing Investment team, headed by Richard Stonehouse, in response to the considerable interest from institutional investors in the affordable housing sector.
Traditionally, Registered Providers (RPs) have enjoyed ready access to large amounts of long-term bank debt on very attractive terms. However, in recent years, the terms on which banks are prepared to lend to the sector have changed and there has been an increasing reliance on the bond markets as an alternative source of long-term, fixed rate debt.
Richard Petty – Lead Director in the Affordable Housing team at Jones Lang LaSalle comments: “The sector is rising to the challenge of providing more homes of all tenures, and is embracing much greater market exposure as a result. With grant rates staying low, there is a huge appetite for capital. Whilst the banks and the bond markets will continue to play a big part in meeting this demand, we see a clear role for new sources of capital as well, creating the opportunity for institutional investment. At the same time, the regulatory environment has become more receptive to changes in RPs’ capital funding models, so the stage is set for some exciting changes.”
Against this background, the new team will be dedicated to structuring capital market solutions for RPs and providing an effective, transactional interface between the RPs and investors.
Richard has a background in capital market transactions across Europe before joining the Residential team in 2013 to explore interest in the residential sector from investors who have traditionally been more commercial orientated. Richard will commence this new role with immediate effect, engaging with investors and registered providers alike.
For more information, please contact Richard on +44 (207) 087 5352 or Richard.firstname.lastname@example.org
+44 (0)20 7087 5108