Development attained practical completion in September 2023
• Hestia set to introduce vibrant modern apartments as part of future development pipeline • New mid-market affordable developments soon to complete in Brighton, Leeds and London
Federated Hermes Real Estate, has announced that its residential platform Hestia, has achieved full occupancy at 38 Crescent Road, Kingston. The development, consisting of 52 mixed social rent and shared ownership residential apartments, attained practical completion in September 2023.
This vibrant community exemplifies the collaboration of responsible investing and superior service delivery. Since its inception, Hestia has embodied Federated Hermes’ Responsible Property Investment agenda by sourcing and developing homes in neighbourhoods people want to live in, to a specification enhanced by an eight year operational track-record and all aligned to the Hestia Net Zero Carbon Pathway. Schemes are designed to encourage community and deliver continued social impact.
Hestia is set to deliver a program of four development completions in the next 24 months. For example, Hestia will also be delivering Silver Road in London, which consists of 141 residential apartments in Lewisham which have been designed for the social rent and shared ownership market. Mercer West & Madison East in Leeds is leading the development program, with a scheme comprising of 331 build-to-rent (BtR) apartments together with resident lounge areas and a gym, which is on track for completion in December 2023.
Commenting on the news Will Gibby, Director, Fund Management, at Federated Hermes Limited, said: “We are passionate about regeneration and placemaking, with the Environment and Social impact central to our approach. Achieving full occupancy is a great endorsement of our product and we are pleased to have delivered homes that people truly need. 38 Crescent Road is a wonderful example. Hestia’s partnership with the BT Pension Scheme (“BTPS”) has been instrumental in the success of our residential strategy and we are pleased that BTPS has continued to show confidence in the ability of Federated Hermes to deliver on its investment objectives across the living sectors. The track-record of the strategy to date has been key to attracting new partners to continue the growth of our strategy and delivering much needed new homes”.
Wyn Francis, CIO, Brightwell which manages investments on behalf of BTPS, said: “There’s huge demand for high quality, affordable accommodation in locations people want to live. The success of this development is a great demonstration of how pension funds can be invested in a way that provides a positive impact to local communities in the UK.”
Other assets in the pipeline that will join the Hestia brand include the following projects:
Affordable Housing: • Edgeware Road, Hendon: 244 residential apartments (mixed social rent and shared ownership) – Expected Q4 2024 • Maxim Road, Crayford: 240 residential apartments within a broader masterplan – Expected Q4 2025
Hestia is focused on delivering affordable residential assets that will have a positive impact on the environment and communities in which they reside. Federated Hermes also invests on behalf of clients in BtR assets in Australia and the USA.