Wayhome, the company pioneering gradual homeownership, has announced a strategic partnership with Venn, an investment manager specialising in European residential real estate.
The partnership involves Venn making a strategic investment in Wayhome and Venn becoming the new fund manager for Wayhome's innovative homeownership solution, including the creation of a new fund vehicle for future investments. Together they will collaborate to secure further funding for Wayhome's home ownership model.
The partnership also sees Gary McKenzie-Smith – the co-founder and managing partner of Venn – join the Wayhome board.
Wayhome has a proven track record of bringing together pension fund investment to help solve some of the nation's big homeownership issues. Wayhome has already deployed an initial £75m of pension fund investment and is expanding its reach across the pensions, insurance, private debt and private equity aiming to make homeownership accessible to generation rent with its part-own-part-rent, no mortgage, proposition.
Wayhome chief executive Nigel Purves said: "Venn's expertise, guidance and counsel will be invaluable as we continue to secure further investment in our gradual home ownership product that provides a compelling investment opportunity for institutional investors while helping people get on the housing ladder."
McKenzie-Smith added: "We're delighted to be working with Wayhome as a strategic partner and look forward to continuing to develop their innovative homeownership model with them. The Wayhome proposition is a great fit with our aim of focusing institutional capital into addressing some of the UK's big housing challenges."
