Greater Manchester Pension Fund (GMPF) invested c. €119m into an investment fund developed and managed by Legal and General (L&G) to deliver much-needed affordable homes across North West England.
This new regional vehicle is a structured extension to L&G’s flagship Affordable Housing Fund, launched in July 2024 to develop high-quality, sustainable affordable housing nationally. It is tailored specifically for the Northern LGPS (Local Government Pension Scheme), of which GMPF is a member, to allow them to deploy capital into affordable housing development specifically in the North West.
The Fund has a strong identified pipeline of new homes which will be developed and operated by Legal & General Affordable Homes (LGAH). With c. €1.19b invested in affordable housing and over 8,000 homes in operation or development to date, LGAH has an established, sector-leading strong track record in developing and operating affordable housing.
Councillor Eleanor Wills, Chair of GMPF, said: “We are acutely aware of the severe housing crisis both nationally and in the North-West region. 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 LGPS that supports the Government’s plan to provide much-needed affordable homes for hard-working families while ensuring strong, low-risk returns to secure the pensions of our members.”
Ali Farrell, Fund Manager, Legal & General, commented: “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 a partnership working between the public and private sectors to increase investment in the affordable housing sector and increase the choice, quality and availability of affordable housing across North West England.”
Image source - Pexels.
Europe Real Estate — an overview of real estate developments in European countries.
