Houses, p Jack Barton

L&G Affordable Homes has 8,000 homes under ownership or in development. Credit: Jack Barton via Unsplash

GMPF invests another £100m in L&G Affordable Homes

Cash from the growing fund will be spent developing homes for some of the 207,000 people on housing waiting lists in the North West.

The Greater Manchester Pension Fund’s decision to invest another £100m into Legal & General Affordable Homes follows a £120m investment last August.

Whereas the previous investment was to support development nationally, this time the cash will be deployed specifically in the North West through a new vehicle.

The investment aligns with the GMPF’s plan to increase its exposure to the housing market to support the government’s ambitious 1.5m new homes target.

The cash will support the delivery of L&G Affordable Homes’ pipeline, which includes 150 homes on a 10-acre site in Charlestown, Manchester.

Cllr Eleanor Wills, chair of GMPF, said the investment would help address the “severe housing crisis” nationally and locally, which manifests itself with “record numbers of homeless children placed in temporary accommodation, the ever-growing waiting lists for social housing, and the younger generation being priced out of home ownership”.

“This is why we are proud to continue our longstanding partnership with Legal & General to launch a specific vehicle for Northern Local Government Pension Scheme that supports the government’s plan to provide much-needed affordable homes for hardworking families while ensuring strong, low-risk returns to secure the pensions of our members.”

L&G has now secured more than £1bn for affordable homes delivery and has 8,000 properties completed or in development.

Ali Farrell, fund manager at Legal & General, said: “This fund is the culmination of a long partnership with GMPF and reflects L&G’s commitment to delivering more affordable housing where it is most needed.

“This is a great example of partnership working between the public and private sectors to increase investment into the affordable housing sector, and increase the choice, quality and availability of affordable housing across North West England.”

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