Gresham House raises £125m from local authority pension funds
Gresham House Residential Secure Income has raised £125m from two UK local authority pension schemes.
The commitments from Gloucestershire and Devon Pension Funds have brought total commitments to GH ReSI LP to more than £310m.
The capital is expected to facilitate more than 1,000 affordable homes, building on the 1,400-plus homes into which GH ReSI LP has already invested through 18 acquisitions across England.
Gresham House Residential Secure Income has raised £125m from two UK local authority pension schemes.
The commitments from Gloucestershire and Devon Pension Funds have brought total commitments to GH ReSI LP to more than £310m.
The capital is expected to facilitate more than 1,000 affordable homes, building on the 1,400-plus homes into which GH ReSI LP has already invested through 18 acquisitions across England.
GH ReSI LP has previously received commitments from several other UK institutional investors, including Staffordshire and Wiltshire pension funds and Centrica Combined Common Investment Fund.
Ben Fry, managing director, housing at Gresham House, said: “This continued strong backing from institutional investors is testament to Gresham House’s extensive expertise and track record in affordable housing, and the growing recognition of the dual benefits that shared ownership investments can deliver – resilient inflation-linked income and lowering the lifetime cost of housing for young families and key workers.
“We have a wealth of opportunities in the pipeline, so we will be putting this new capital to use over the coming months to deliver more new developments both across the UK and specifically in Gloucestershire and Devon.”
Lynden Stowe, chair of the Gloucestershire Pension Fund, said: “The pension fund has recently implemented a new allocation to affordable housing and believes that shared ownership will provide both financial and positive impact benefits.
“Through this commitment to shared ownership we will contribute to the delivery of much-needed new housing for our residents in Gloucestershire. We have been impressed with Gresham House’s track record of delivery in the shared ownership space over recent years and believe this investment will provide a robust financial return alongside meaningful social benefits.”
