A company run by the owner of the Miami Dolphins has bought a 50% stake in a London property developer.
Related Companies, which was founded by Stephen M Ross and who also owns the American football franchise, is the largest owner and developer of affordable housing in the US.
It has bought a 50% stake in Pocket which sells local and affordable homes in London and is aiming to create more discount flats to sell and rent in the capital.
Stephen M Ross, Chairman of Related Companies, said he was looking forward to helping Pocket with its growth plans.
“Great cities must provide housing for the full range of its workforce and we believe Pocket provides a smart solution — well-designed, quality-built, affordable housing in the parts of London where its knowledge workers want to live and work,” said Stephen.
“(Chief Executive) Marc Vlessing and (Founder and Finance Director) Paul Harbard have created a great company and culture and we look forward to helping them grow.”
Related has already joined forces with mixed-use regeneration specialist Argent to create Argent Related which has worked on a number of projects in the Kings Cross area.
Kenneth Wong, Related Chief Operating Officer and Pocket Board Member, said the partnership had ambitious plans in London and Pocket was a perfect strategic fit with Related’s ongoing initiatives.
“As a Related portfolio company, Pocket will now have a broader resource base, greater access to capital and our shared best practices,” said Kenneth.
“We look forward to enhancing Pocket’s pipeline and providing affordable housing solutions to governments, landowners, local communities and other developers.”
Related has developed or acquired over 55,000 affordable homes in the US.