Aviva and B-Corp property developer, Stories, have formed a £100m joint venture to unlock and deliver development projects that will make a positive difference to the quality of life in communities across the UK. 

With an equity commitment of £100million, Aviva and Stories will focus on delivering purposeful development projects in the UK. Aviva and Stories are looking to partner with landowners to optimise their existing property assets and to deliver projects that have a clear social purpose. Aviva and Stories will engage across the full spectrum of the property development process from design, planning and financing, through to completion and operation. The joint venture is primarily intended to help unlock complex projects through partnership with long term and institutional landowners, acquiring land if needed.  

The joint venture is already under offer on a residential build-to-rent development opportunity in London which will deliver 50% affordable housing and be net-zero carbon in operation. When complete, the development will address an undersupply of high-quality rental accommodation in the area and deliver the landowner a long-term income.

John Cummins, Aviva Capital Partners CEO at Aviva said:  “Our joint venture with Stories will use Aviva Group’s financial strength to create projects that improve the infrastructure and sustainability of our communities while also delivering enduring returns to support retirement incomes for Aviva’s customers.

“The joint venture is the first commitment by Aviva Capital Partners (ACP), Aviva’s  in-house capital unit. Investing for the future is vital for Aviva’s customers and it’s vital for the UK.” 

Stories CEO Richard Meier said:  “A lack of equity and development expertise is holding back the ability of many long-term landowners and institutional property owners to maximise the potential of their assets. Our joint venture with Aviva Capital Partners, brings together the skills and financial capacity to unlock this potential and to deliver a range of socially responsible projects across the UK, with long term benefits for local communities and investors.

“Aviva and Stories are forming partnerships with private landowners and property-owning institutions like the NHS, local authorities and charities, to help them deliver purposeful development to benefit their communities directly and fund core activities. These partnerships, built on a shared commitment to social benefit, extend from helping define an opportunity and achieving planning permission, right through into the operation of a development.”