Press release

• Affordable housing pioneer takes up new strategic position after 20 years
• Paul Rickard becomes Pocket Living Managing Director
• Developer will continue to promote discounted homes for key workers and `city makers’

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Pioneering affordable housing developer Pocket Living has announced changes to its senior management, with founder and chief executive Marc Vlessing becoming Chair and chief financial officer Paul Rickard promoted to Managing Director.

Vlessing, who founded Pocket in 2004 with Paul Harbard after a career in banking and entertainment and who has overseen the development of 1,500 affordable homes in London, will be taking on the new role as Chair of the company.

Rickard, who brings over 20 years of industry experience, including senior leadership positions at leading housing associations and has been Pocket’s CFO for the past 5 years, will now be responsible for leading Pocket Living’s long-term strategy and operational delivery.

Under Vlessing, Pocket Living became London’s first developer to focus on delivering housing for the starter market. Its multiple award-winning housing requires no grant, is secured as affordable in perpetuity and is sold outright at a discount to first-time buyers with low to moderate incomes.

Marc Vlessing said: “I am immensely proud that over 20 years Pocket Living has created 1,500 affordable homes for the people who underpin our society and drive London forward.

“We have been a disruptor that has informed thinking on housing not only in our capital but in cities around the world and we have shown the way in what can be achieved through engaged and open public-private partnership.

“However, after two decades building Pocket, now is the time for me to take a more strategic role, and for Paul to take the company to the next level. As Pocket evolves and responds to the changing London market, it will need to develop a more diverse range of products and we have made a good start on that with a rental scheme we recently delivered at Kings Cross.”

Paul Rickard said: “I have immensely enjoyed my first 5 years working with the many talented individuals at Pocket, and together with them, I look forward to continuing to fly the flag which Marc hoisted so successfully for innovative forms of affordable housing in London of all tenures.”

“With 1,000 homes in Pocket’s development pipeline, and in a market which continues to be demanding, my focus will be on delivery and resilience, working with our public sector partners to deliver more affordable homes.”

Related Companies of USA, a diversified developer-owner-operator, invested in Pocket Living in 2016 and subsequently acquired a controlling shareholding.

Related Companies Chief Operating Officer and Director of International Development Ken Wong said: “For two decades, Marc has been a clarion voice for providing quality homes for London’s first-time homebuyers. We thank him for all his contributions to the Company and the industry. We’ve worked very closely with Paul in his former role and are delighted to face the future with him at the helm.”  

Pocket’s current development pipeline includes projects in the London boroughs of Greenwich and Harrow.  The company has completed developments in Barking & Dagenham, Barnet, Camden, Croydon, Hackney, Haringey, Harrow, Kingston, Lambeth, Lewisham, Redbridge, Waltham Forest and Westminster.

Paul Rickard is also chair of Qualis Flow, a Series A ESG company decarbonising and digitising construction in the United Kingdom and United States.

For further information, please contact FTI Consulting: pocketliving@fticonsulting.com

About Pocket Living 

Pocket Living is an innovative housing developer, supported by the Mayor of London and Homes England, delivering well-designed, sustainable and affordable homes for London’s first-time buyers.

Pocket is currently the only UK developer dedicated to building and selling grant-free affordable homes.

Established in 2004, Pocket sells one-bedroom homes to those on moderate incomes, people who are essential to London’s economy but who cannot afford to buy on the open market and earn too much to qualify for social housing.

Pocket homes are sold outright to buyers at a 20% discount to the local market. Purchasers must live or work in the local area and will own 100% of their property from day one. Buy-to let investors are excluded and Pocket leases ensure the homes remain affordable in perpetuity by asking Pocket owners to prove they are residents in their homes and are not sub-letting.

www.pocketliving.com 

About Related Companies

Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed 50 years ago, Related is one of the largest private owners and preservationists of affordable housing in the U.S. and a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisition, management, finance, marketing, and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, West Palm Beach, Miami, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. With over $60 billion in assets owned or under development including the 28-acre Hudson Yards neighborhood on Manhattan’s West Side, The Square in downtown West Palm Beach, The Grand LA and Related Santa Clara in California and The 78 in Chicago. Related was named to Fast Company Magazine’s list of the 50 Most Innovative Companies in the World. In 2015, Argent and Related joined forces to create an unrivalled UK property business and urban regeneration specialist, Related Argent.  For more information about Related and Related Argent, please visit www.related.com and www.argentllp.co.uk

About Marc Vlessing 

Marc was awarded an OBE for Housing Services in the 2017 New Year Honours List. In addition to his new role chairing Pocket Living, Marc also is the Chairman of Proven Growth & Income VCT Plc. Prior to his career in development, Marc was Chief Executive of Crescent Entertainment, which comprised 12 London theatres as well as Curzon Cinemas. Before that he was an Associate Director of Corporate Finance at County NatWest.