LCIV UK Housing Fund makes its first investment with CBRE IM

30 May 2023

Following a first close of the LCIV UK Housing Fund (the “Housing Fund”) on 31 March 2023, CBRE UK Affordable Housing Fund (“CBRE UK AHF”) has been selected as the first investment, with a formal close into CBRE UK AHF occurring on 5 May 2023.

Andrew Davey, Head of Liability Aware Strategies and Affordable Housing at CBRE Investment Management said: “It became apparent throughout a comprehensive due diligence process that our approach to impact investment and affordable housing was closely aligned with the values and targets of London CIV so this partnership is very exciting. We are both committed to addressing key societal and environmental issues, and we hope to build on our track record with existing LGPS investors to work together with London CIV to make a meaningful impact and achieve their financial goals.”

Dean Bowden, CEO of London CIV said: “We are excited to have launched the LCIV UK Housing Fund and to have made our first investment alongside CBRE IM. Affordable housing offers attractive characteristics including income that typically tracks inflation, high occupancy and low void rates, and low correlation to other real estate sectors. It also offers resilience across market cycles and is less sensitive to changes in the economy, as we saw during the pandemic. With our strong knowledge of the UK housing sector, deep pool of relationships and thorough due diligence process, we are well positioned to enter the market and partner with best-in-class stakeholders such as CBRE IM.”

Christopher Osborne, Senior Portfolio Manager of London CIV added: “We are delighted to have launched the Housing Fund and to have invested into CBRE UK AHF; this represents a compelling opportunity to partner with a “best in class” team and experienced manager (CBRE IM) in the affordable housing space. Following a robust due diligence process, we look forward to CBRE UK AHF driving resilient returns for our underlying Client Funds and generating impact through increasing the supply of genuinely affordable and quality homes for some of the most vulnerable members of society.”

Source: London CIV