UK local government pension scheme Greater Manchester Pension Fund (GMPF) has partnered with a Moorfield Group-managed real estate fund to develop a £120m (€138.5m) UK build-to-rent (BTR) asset.
GMPF and Moorfield Real Estate Fund V have agreed to develop, own and operate the 440-home Podium asset in Trafford, Greater Manchester.
The investment by GMPF into Podium has been completed through the Greater Manchester Property Venture Fund, which is advised by CBRE.
Developer Glenbrook and main contractor Domis Construction are delivering the Podium scheme, with the first phase expected to be completed in the second quarter of 2026.
The latest venture represents Moorfield’s third BTR investment in Manchester, following the sale of its previous assets, The Trilogy and Duet, in 2021 and 2022.
GMPF has also been active in the region. Its notable commitments include a £100m investment in Legal & General’s affordable housing fund and a joint venture with Manchester City Council’s housing company, This City.
Charles Ferguson-Davie, co-CEO and CIO, Moorfield Group, said: “Our joint venture with Greater Manchester Pension Fund sees us partner with a forward-thinking UK institutional investor who understands the long-term benefits high-quality purpose-built rental housing can bring to local communities and economies.
“This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate. There is a long-standing structural demand-supply imbalance, and a need for new housing of different tenures and typologies.”
Councillor Eleanor Wills, chair of the Greater Manchester Pension Fund and executive leader of administering authority (Tameside), said: “I am proud that the Greater Manchester Pension Fund, alongside Moorfield, GMCA and Trafford Council, is supporting the provision of high-quality mid-market rental housing in Greater Manchester.
“The strategy supports the government’s plan to provide much needed homes that are affordable to young families and those looking to get their first step on the housing ladder, while enabling us to secure the pensions of our members.”
Colin Thomasson, head of UK investment properties at CBRE, said: “Demand/supply dynamics within the wider UK housing market continue to position the build-to-rent sector favourably with both domestic and global institutional investors, and we are delighted to have played a pivotal role in the partnership between Moorfield and GMPF.”
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