Greater Manchester Pension Fund (GMPF) has invested £100m (€118m) into an investment fund developed and managed by Legal and General (L&G) to deliver affordable homes across North West England.
This new regional vehicle is an extension to L&G’s affordable housing fund, launched in July 2024 to develop sustainable affordable housing nationally. It is tailored specifically for local government pension scheme Northern LGPS, of which GMPF is a member, to allow them to deploy capital into affordable housing development specifically in the North West.
There are 1.3m people on local authority waiting lists for social housing, with 207,000 within the North West alone, Greater Manchester Pension said, adding that the fund will build affordable homes across the region and “make a meaningful impact” in addressing housing supply.
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 hardworking families while ensuring strong, low-risk returns to secure the pensions of our members.”
Ali Farrell, fund manager, 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.
Greater Manchester Pension joined L&G’s affordable housing fund in August last year with a £120m investment.
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