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Report: British Land to enter UK socialized housing via for-profit subsidiary

British Land Co. Plc is poised to become the U.K.'s biggest commercial property developer to enter the country's socialized housing sector, Inside Housing (U.K.) reported, citing sources.

The REIT giant is reportedly in talks with U.K. social housing regulator Homes and Communities Agency about launching a for-profit provider of affordable homes during the latter part of 2017.

The subsidiary, called Seymour Street Homes Ltd., will initially own and manage 11 social and intermediate units at British Land's £130 million Clarges Estate development in London's Mayfair area. It will subsequently offer affordable units from other British Land residential properties, according to the Jan. 27 report.