Allianz Home Equity Income Fund reaches first close

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llianz Global Investors has held the first close of the Allianz Home Equity Income Fund (HEIF).

Allianz Home Equity Income Fund has raised funds from institutional investors to support the launch of Wayhome, the new way to gradual homeownership without a mortgage in the UK.
The partnership between AllianzGI and Wayhome will open up a new market for institutional investors, one that aims to offer reliable, above inflation linked yields that help meet the income demands of DB (defined benefit) pension funds, whilst helping more aspiring homeowners get on the property ladder.
Adrian Jones, Director, Infrastructure Debt at Allianz Global Investors, says: “Despite the challenges of the last 18 months, we are delighted to announce significant investments by several anchor investors from both public and private DB pension schemes with which we will start purchasing properties with aspiring homeowners.
“This first close highlights AllianzGI’s strong track record of helping open up new markets for our institutional clients, giving them access to new types of cash-flows that help them match their liabilities.”
The capital raised from UK based institutional investors will allow Wayhome to purchase homes with aspiring homeowners who are unable to purchase their own home through traditional ways of buying a home. Wayhome’s model enables customers to part-own, part-rent a property. Customers can purchase with as little as 5 per cent deposit, and then rent the rest. They can then buy more of the property, reducing their rent, whenever they want.