US affordable housing investor enters UK with £100m target

Jonathan Rose Companies, a New York-headquartered owner of 19,000 affordable apartments in the US, is entering the UK with a social and affordable housing fund. It is targeting a first close of £100m and, over the long term, £500m. Ben Denton, formerly managing director of Legal & General Affordable Homes, will lead the effort.

The firm is setting up a for-profit registered provider in England, aiming to complete registration by mid-2027. It will start with forward-funding and buying Section 106 homes in London, Bristol and Manchester, and will invest in mid-market rent homes in Scotland. Existing investors will back the fund, and the firm plans to raise additional institutional capital.