Man Global Private Markets (Man GPM) is to acquire 134 homes from developer Crest Nicholson for its UK affordable housing fund.

The properties in Milton Keynes will be offered at discounted rents and for shared ownership by the Man GPM RI Community Housing Fund.

Led by affordable housing expert Shamez Alibhai, the fund is seeking to raise £400m (€470m) from investors and already has commitments from several local government pension schemes, Big Society Capital, Schroder BSC Social Impact Trust and Homes England.

The latest investment is split across two sites encompassing 79 apartments at Campbell Wharf and 55 houses at Manor View. The former will be offered at discounted rents aimed at key and essential workers, and the latter will be offered as shared ownership to local residents.

The Man GPM fund has a dual objective of generating financial returns alongside defined social and environmental outcomes, seeking to provide new homes across multiple rental and ownership tenures while creating sustainable communities.

Alibhai, who is managing director and head of community housing at Man GPM, said: “Campbell Wharf and Manor View are exceptional developments providing much-needed new housing stock within Milton Keynes.

“Through our partnership with Crest Nicholson, we are increasing the overall allocation of key-worker and shared-ownership housing in Milton Keynes, while providing placemaking for those who need it in the local community – a key tenet of the fund.

“Our investment will support households who are unable to get on the property ladder to live securely in high-quality homes.”

David Brown, managing director at Crest Nicholson Chiltern, said: “We’re proud to be working once again with Man Group in Milton Keynes at our Campbell Wharf and Manor View developments.

“Crest Nicholson is committed to building strong, sustainable communities and this partnership will deliver additional, high-quality homes to key workers.”