CBRE Investment Management has secured two new local government pension scheme investors for its UK Affordable Housing Fund.
Tyne and Wear Pension Fund and Scottish Borders Council Pension Fund bring the total number of LGPS subscribers to nine, with 23 investors overall and total equity commitments of more than £500m.
AHF invests in social and affordable rented housing and affordable-ownership properties and was one of the first UK unlisted funds to bring institutional client capital into affordable housing to deliver social impact.
The fund has around £400m of schemes in development and completed, providing more than 2,000 homes. Projects include the 245-home Abbey Place project in Greenwich, SE2 (pictured).
Since its inception, AHF has partnered with the Good Economy to implement an impact framework to measure and manage social impact.
Andrew Davey, head of Liability Aware Strategies UK and fund manager for AHF at CBRE IM said: “Independently audited performance against the fund’s impact objectives is critical and provides the bedrock of our investment process. Transparency and a proven track record of performance against this framework for our investors has been key to the funds’ success.”
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