The Greater Manchester Pension Fund (GMPF) invests £120m into Legal & General’s Affordable Housing Fund, as it continues to invest to increase much-needed affordable housing supply in England.
Legal & General (L&G) today announces that it has secured a further £150m in commitments for its UK affordable housing strategy, following the recent launch of the Legal & General Affordable Housing Fund, bringing total commitments to the strategy to date to £280 million. The bulk of this new capital comes from Local Government Pension Scheme (LGPS) Fund, GMPF, who have committed £120m alongside internal client capital. With acute demand for affordable housing across the UK, this highlights how the public and private sector can come together to drive meaningful change.
GMPF are the largest LGPS fund and the eleventh biggest defined benefit pension fund in the UK. They look after more than 375k pensions, paying over £750m of benefits each year1. These benefits are enjoyed by people who work for the ten local authorities in Greater Manchester and other organisations such as the National Probation Service, academy schools and housing associations.
As 1.3m households sit on local authority waiting lists in England2, L&G’s strategy will invest in well-designed, purpose-built social rent, affordable rent and shared ownership housing in areas of acute need and demand across England and seek to work alongside councils and other providers in response to recent policy announcements and those due in October.
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