CBRE GI raises £250m for affordable housing fund
CBRE Global Investors has held its final close for its affordable housing fund, with equity commitments totalling £250m.
The CBRE UK Affordable Housing Fund is an open-ended unlisted fund with a focus on social and affordable rented housing, shared ownership and other tenures including key worker housing and homeless hostels.
It will partner with registered providers that will manage the homes.
CBRE Global Investors has held its final close for its affordable housing fund, with equity commitments totalling £250m.
The CBRE UK Affordable Housing Fund is an open-ended unlisted fund with a focus on social and affordable rented housing, shared ownership and other tenures including key worker housing and homeless hostels.
It will partner with registered providers that will manage the homes.
CBRE GI raised the capital from 13 institutional investors, including Big Society Capital, a financial institution that targets social investment in the UK.
AHF seeks total returns of 6%, which it said will meet the investment and income requirement of investors while contributing toward social impact. Part of the fund’s goal is to develop a framework for measuring and reporting its social impact.
Hannah Marshall, head of UK funds at CBRE GI, said: “Institutional investors are placing increasing importance on the environmental, social and governance impacts of their investment strategies. Our strategy contributes towards our investors’ ESG targets and generates a positive social impact as we invest in the funding of homes for those households unable to afford to rent or buy in the open market.”
The fund’s first investment is expected to close later this quarter.
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