Pension Insurance Corporation (PIC), Muse and Homes England form GBP 54 million (US$ 69.5 million) joint venture, named HABIKO, a development vehicle to bring forward 3,000 low-carbon, low-energy affordable homes for rent in the UK.

Habiko will become self-funding over its 12-year lifespan and aims to diversify the supply chain for future efficient housing developments. Habiko is targeting up to 100% affordable homes for rent for those whose needs are not met by the market, with rents set at 20% below the local market rent. During the 12-year lifespan of the partnership, PIC will have the ability to continue to forward fund the development of affordable homes and will ultimately own the homes and places they have helped to create through its investment and long-term stewardship approach. 

The new homes will be built in high-demand areas across England, aiming to provide social value to local communities. These developments will support the local economy by creating jobs and fostering new skills for green innovation. Located near employment hubs, the homes will be designed for energy efficiency, helping residents reduce their energy costs.