The open-ended fund aims to build new homes in areas of England where housing costs significantly outpace local incomes.
CoHo 3 is the third of its type launched by Man Group's Community Housing team. The fund targets 90% affordable home across its portfolio, with a mix of social rent, affordable rent and shared ownership tenures. Man Group aims for all homes to be built to high EPC energy efficiency standards in locations chosen for their strong local amenities, schools, employment opportunities and transport links.
The fund's growing portfolio includes developments in Wokingham and Northampton, with 384 homes already exchanged or under construction. CoHo 3鈥檚 investor base includes UK local government pension schemes and other institutional investors, reflecting, it says, growing demand for affordable housing as an asset class that offers long-term, inflation-linked income characteristics.
Shamez Alibhai, managing director and head of community housing at Man Group, said, "CoHo 3 surpassing 拢362 million is a signal that institutional investors increasingly see affordable housing as an asset class that is designed to meet income needs while addressing one of the UK鈥檚 most pressing social challenges. The government's Mansion House agenda supports a clear framework for institutional capital to play its part, and our job is to ensure that capital translates into homes that people can afford to live in and create a positive social and environmental impact."