Sixth Street Announces Strategic Partnership with HSPG and Park Properties Housing Association

Intends To Invest Over £1 Billion to Accelerate Best-In-Class, Affordable Housing Delivery Across the UK

London, April 20, 2026 – Sixth Street, a leading global investment firm, today announced its investment in Park Properties Housing Association (“PPHA”), a For-Profit Registered Provider, in partnership with HSPG, a leading social and affordable housing investor. Sixth Street will provide the majority of the equity capital, with HSPG continuing to lead the strategic direction, asset management and growth of PPHA’s platform alongside the company’s existing management team.

PPHA intends to invest more than £1 billion to deliver high-quality, new-build homes and sustainable communities, establishing a new benchmark for affordable living. The homes will encompass all affordable tenures, including Affordable Rent, Social Rent, Shared Ownership, and Grant-Led Additionality, in areas of greatest need. The delivery of these homes reflects PPHA’s longstanding commitment to high-quality construction and rigorous building standards, aimed at delivering lasting positive impact for customers and the communities they live in. PPHA is one of the UK’s largest For-Profit Registered Providers, with a contracted pipeline of c.1,100 homes and a further 4,000+ new homes identified for addition to its growing portfolio. The partnership brings together Sixth Street’s London-based real estate team and long-term institutional capital with HSPG’s specialist expertise in affordable housing, significantly expanding PPHA’s capacity to deliver at scale.

Giulio Passanisi, Partner and Head of European Real Estate at Sixth Street, said: “This investment marks a significant expansion of Sixth Street’s ongoing commitment to the UK residential market and aligns with our long-dated, patient capital investment model. At Sixth Street, we are dedicated to playing our part in making the UK more affordable by addressing the critical shortage of quality housing. With HSPG’s specialist expertise and in partnership with UK homebuilders, we feel well-positioned to scale PPHA and accelerate the delivery of high-quality, purpose-built affordable homes that will help strengthen surrounding communities.”

Guy Horne, CEO of HSPG, said: “This partnership marks a significant step in scaling PPHA as a leading platform for affordable housing delivery. Institutional capital, deployed through For-Profit Registered Providers such as PPHA, is playing an increasingly important role in addressing the imbalance of affordable homes in the UK. Through PPHA, we are building a scaled platform to deliver high-quality affordable homes, with a clear focus on service delivery, customer outcomes and long-term performance.”

PPHA was acquired by HSPG in 2020 and has since delivered over 2,000 homes with a combined open market value of over £700 million, providing access to affordable home ownership and purpose-built rental homes. The organisation has grown its portfolio through measured and sustainable acquisitions and a robust governance framework, working with leading UK investment institutions to build a vertically integrated platform optimised for efficiency. As it enters its next phase of growth, PPHA plans to unveil a new brand, reflecting its strengthened position and expanded ambition across the sector. A Homes England Investment Partner, PPHA partners with blue chip housebuilders and SME developers to acquire best-in-class, energy efficient Section 106 properties. Historically concentrated in the South East and West Midlands, the new partnership will bring a nationwide lens to that activity.

Sixth Street was advised by Simpson Thacher & Bartlett, Trowers & Hamlins, EY, Savills and JLL. HSPG was advised by Travers Smith, Alvarez & Marsal and Axis Capital Advisors. PPHA was advised by Winckworth Sherwood.

About PPHA

Park Properties Housing Association (PPHA) is a For-Profit Registered Provider that builds partnerships to create homes and develop communities, delivering new-build affordable homes across the UK. Underpinned by robust governance and a strong customer focus, PPHA’s mission is focused on people: ensuring the homes are safe, secure and built to support better lives. Visit https://ppha.uk/

About Sixth Street

Sixth Street is a global investment firm with over $130 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 750 team members including over 300 investment professionals around the world.¹ For more information, and additional disclosures, visit www.sixthstreet.com, and follow Sixth Street on LinkedIn.

About HSPG

HSPG is a specialist investor and operator in the UK social and affordable housing sector, focused on building and managing institutional-quality platforms at scale. The company partners with national housebuilders, agents and public sector organisations to acquire and manage high-quality residential properties. The business operates two platforms — For-Profit Registered Provider Park Properties Housing Association (PPHA) and Seahorse, which invests and operates social housing for vulnerable individuals and families aimed at alleviating the homelessness crisis. Visit https://hspg.co.uk/, and follow HSPG on LinkedIn.

Contacts

¹ Total Sixth Street employees as of 3/31/2026