Greater London Enterprise Group to take stake in affordable housing developer
Housing developer Pocket has sold 10% of its shares to the Greater London Enterprise Group.
The developer did not disclose the sum of the investment from the Greater London Enterprise Group (GLE), a commercial investment company started by 33 London local authorities, but said only that it was 鈥渟ignificant鈥�.
Pocket recently secured a 拢21.7m loan from the Mayor of London to build around 4,000 affordable homes in the capital over the next ten years.
Marc Vlessing, chief executive of Pocket, said the investment was a 鈥減owerful vote of confidence鈥� in Pocket鈥檚 business model which targets house buyers who are not eligible for social housing but find it difficult to afford property on the open market.
He added: 鈥淎s we significantly scale up our operations across London, and help many thousands more Londoners own their home outright.鈥�
Martin Large, chief executive of GLE, said 鈥淎s a company whose members are the London local authorities and with a focus on supporting growing businesses especially in areas where there is market failure, I am particularly pleased to announce our investment in Pocket.
鈥淧ocket has a proven track record of helping those currently locked out of home ownership, and our investment will help support the expansion of the Pocket model into a greater number of London local authorities.鈥�
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