Issued by: Prime Minister's Office, 10 Downing Street

Prime Minister Andy Burnham today welcomed £1bn of new investment in affordable homes across the UK.

• PATRIZIA, one of Europe’s largest real estate investors, has pledged £1bn to deliver up to 4,000 affordable, professionally managed homes across the UK’s regions and nations.

• The Prime Minister and Chancellor Merz today joined business leaders at the first UK-Germany Regional Growth Forum in Berlin.

• Building on the forum’s success, the leaders committed to ongoing Regional Dialogue to discuss further opportunities for growth across both countries.

Prime Minister Andy Burnham today welcomed £1bn of new investment in affordable homes across the UK.

Meeting with the Prime Minister during today’s visit to Berlin, German investment firm PATRIZIA confirmed plans to add £1bn to its new UK Essential Living Platform, which will deliver up to 4,000 affordable, professionally managed homes, working directly with mayors and local partners across the UK.

Asoka Wöhrmann, CEO of PATRIZIA, said:

"Our meeting with the Prime Minister reinforced a clear reality: the UK’s demand for affordable housing is also a significant investment opportunity. PATRIZIA is already investing in homes across the country, and we see considerable potential to do more. By working with metro mayors and local partners, we can help channel long-term institutional capital into the places where housing is needed most. Neither public nor private capital can solve this challenge alone, but together we can accelerate delivery and create lasting value for communities across the UK."

The investment is an example of how mayoralties can work directly with business to drive development and growth in their regions and adds to around £4bn PATRIZIA has already invested in the UK.

To develop this model further, the Prime Minister, along with Germany’s Chancellor Merz, brought together British and German business leaders today at the first UK-Germany Regional Growth Forum, to discuss further opportunities for regional growth in both countries.

Prime Minister Andy Burnham said:

"Growth has to reach every part of the country, not just a few places. Germany has shown what strong regions and local leadership can achieve, and we want to learn from that and share our own experience.

"Today is the start of a new partnership between our businesses, regions and our cities, one that will create good jobs and opportunity for people in both countries."

The leaders agreed to develop a deeper Regional Dialogue, involving local areas and regions, and will work with them to progress this, with the aim of this taking place in 2027.

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