The private markets arm of investment management firm Man Group is investing in UK affordable housing via a partnership with modular housing company TopHat.

Man GPM, through its community housing division, is partnering with the Goldman Sachs-backed housebuilder to deliver up to 226 new homes at Old Malling Farm, Lewes in South East England. 

IPE Real Assets understands that the project’s gross development value is in excess of £80m (£90.4m), with capital committed by the community housing team.

The Man GPM community housing division invests capital from investors including local government pension schemes, Homes England and Big Society Capital, to build new homes with the aim of generating positive returns for investors whilst delivering a social and environmental impact.

Shamez Alibhai, managing director and head of community housing at Man GPM, said: “As the cost-of-living crisis continues to challenge the living standards of millions across the UK, the demand for affordable, quality homes is greater than ever.”

Tom Shaw, investment director at Man GPM, said: “Tackling climate change head on has never been more important. We are excited to deliver this net-zero development and help be a part of the solution by providing homes built for the future.

“We look forward to engaging with the local community as we develop the detailed plans for the site before submitting a reserved matters application later in 2023.”

The final home at Old Malling Farm is expected to be completed in early 2026.

To read the latest edition of the latest IPE Real Assets magazine click here.