The international business of Federated Hermes has launched a new residential brand – Hestia. Federated Hermes manages Build to Rent properties in the UK, Australia and USA – and British Telecom Pension Scheme (BTPS) has provided capital to deliver the Hestia-branded Build to Rent developments.
The new Hestia brand will consist of a portfolio of existing residential assets and new developments, with two acquisitions – two adjoining Build to Rent sites located in central Leeds and a shared ownership and social rent development in Lewisham, South East London.
Hestia will embody Federated Hermes’ established Responsible Property Investment agenda – by linking each individual development to a wider virtual community of residents and ensuring that positive environmental and community outcomes can be effectively communicated with them. This enables residents to have more connection with the landlord, who in turn can better respond to customer needs while delivering on location and price.
“Delivering relevant real estate and positive societal and environmental outcomes for all stakeholders is core to our proposition. The launch of Hestia allows us to build on this responsible approach and developing our existing residential portfolio further in an area where we are seeing exciting investment opportunities.”Chris Taylor, CEO of Real Estate, Federated Hermes
The newly acquired Leeds Build to Rent development is centrally located – and is less than a mile from the city centre. The development will benefit from the creation of new public green spaces as part of a wider regeneration within the cultural district. It will include 333 apartments and 12,200 sq ft of retail, restaurant and amenity space.
Other existing assets that will join the new Hestia brand include The Cargo Building, a 324-unit residential scheme in Liverpool which recently achieved a world first BREEAM In-Use (BIU) Residential certification. This followed a rigorous evaluation process to benchmark and assess its sustainability performance across a selection of key areas, including energy efficiency, health and wellbeing and resilience. Pomona Wharf in central Manchester also joins the brand, which comprises of 164 residential units.
“The launch of the Hestia brand provides the residential team with a basis from which to drive long-term future growth and investment into this part of the business, positioning it alongside other key players in the industry.
“The Hestia team is taking a holistic view in delivering affordable and mid-market range residential assets that will have a positive impact on the environment and communities in which they are located and good return potential for our investor BTPS.”Will Gibby, Director, Fund Management, Federated Hermes