Wayhome announces partnership with Venn

WAYHOME ANNOUNCES STRATEGIC PARTNERSHIP

Gary McKenzie-Smith, Venn Co-founder and Managing Partner, joins the Wayhome Board

Volution portfolio company Wayhome, which helps aspiring homeowners achieve homeownership when a mortgage doesn’t work, has announced a strategic partnership with Venn, a leading investment manager specialising in European residential real estate.

The partnership will see Venn make a strategic investment in Wayhome and become the new AIFM (Fund Manager) for Wayhome’s innovative homeownership solution. A new fund vehicle will be created for future investments and the partnership will secure further funding for Wayhome’s homeownership model.

As part of the deal, Gary McKenzie-Smith, Venn Co-founder and Managing Partner, will join the Wayhome Board.

Commenting on the partnership, Nigel Purves, CEO Wayhome, said: “Venn’s credentials in residential property speak for themselves, managing almost £10 billion of housing mandates on behalf of the UK Government, as well as its experience of managing institutional capital in consumer mortgage markets. We are delighted to welcome Venn as a strategic partner and to have Gary join our Board. Venn’s expertise, guidance and counsel will be invaluable as we continue to secure further investment in our Gradual Homeownership product that provides a compelling investment opportunity for institutional investors while helping people get on the housing ladder.”

Gary McKenzie-Smith, Co-founder and Managing Partner, Venn, said: “We're delighted to be working with Wayhome as a strategic partner and look forward to continuing to develop their innovative homeownership model with them. The Wayhome proposition is a great fit with our aim of focusing institutional capital into addressing some of the UK’s big housing challenges.”