Jonathan Rose Cos., a leading mission-driven real estate investment and development firm, is extending its affordable housing investment and impact expertise into the United Kingdom.
As part of its first international market expansion, the firm plans to establish a U.K. affordable housing investment platform and launch a dedicated Rose UK Social and Affordable Housing Fund.
“The affordable housing challenges facing the United Kingdom are shaped by some of the same underlying forces we see in the United States and many parts of the western world: rising costs, insufficient supply, aging stock, and the need for long-term capital partners,” said Jonathan F.P. Rose, founder and CEO of Jonathan Rose Cos.
His firm has created projects with about $5 billion of value as of year-end 2024, with a portfolio of nearly 20,000 apartment homes in 14 states and Washington, D.C.
Rose said he’s learned that durable housing solutions require more than capital. “They require genuine public-private partnerships, deep local knowledge, and a systems-level mindset that treats housing as a platform for improving community health, stability, and realizing opportunity,” he said. “We look forward to bringing that approach to the United Kingdom, and to learning from partners who have been doing this work for a long time.”
The firm's initial strategy will focus on funding the development of affordable housing delivered through government Section 106 agreements in Bristol, London, and Manchester, and Section 75 agreements in Edinburgh and Glasgow. These projects are typically part of mixed-income communities and are designed to be fossil fuel-free in line with the U.K. Future Homes Standard.
Rose Cos. added that it plans to bring its resident-focused approach to the affordable housing communities it proposes to build and fund in the United Kingdom.
The planned Rose U.K. Social and Affordable Housing Fund will focus on acquiring existing and funding newly built or to-be-built social and affordable housing assets across key markets. This will include homes delivered through the country's established planning and housing frameworks and in partnership local housing organizations.
The expansion comes as the country faces a significant shortage of affordable and social housing. Many nonprofit Registered Providers (RPs), which have historically acquired, developed, and managed this type of housing, face growing headwinds driven by aging housing stock, building safety and regulatory requirements, decarbonization mandates, and limited balance sheet capacity, said Rose Cos. leaders.
However, the policy environment to support new-build housing growth is positive, with the current government targeting 300,000 new affordable and market homes each year over its five-year term.
To support the initiative, the company has engaged Ben Denton, a leading U.K. affordable housing investment professional, to establish the firm's local presence, support fund formation, and build a pipeline of investment opportunities aligned with the firm's long-term affordable housing strategy.
He will work alongside Jonathan Rose Cos.’ Dawn Mottram, who spent a majority of her career delivering social and affordable housing with two of the large RPs in the United Kingdom— London & Quadrant Housing Trust and Southern Housing Group.
The announcement was made during the U.K. Office of Investment Housing and Regeneration event, a government-led housing and investment event in New York City.
"Jonathan Rose Cos.' decision to launch its first international platform and dedicated housing fund in the United Kingdom is a strong vote of confidence in our market,” said Alan Gogbashian, deputy trade commissioner for North America at the U.K.’s Department for Business and Trade. “The U.K. government has set an ambition of 1.5 million new homes this Parliament, and this is exactly the kind of experienced, mission-driven U.S. investment partnership we need to help deliver affordable housing at scale."