The Supported Housing Investment Limited Partnership (SHIP) has been launched by Universities Superannuation Scheme (USS) and Morgan Sindall Investments Limited (MSIL).
Each partner is committing £100m towards the fund. USS is providing 95% of the capital, while MSIL is retaining a 5% stake and acting as asset, property and portfolio manager.
It is estimated that the SHIP portfolio value will rise to £200m as the asset class matures.
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Over 500 new purpose-built supported independent living apartments will be created through the venture, allowing people with physical and learning disabilities to live as independently as possible.
Lisa Scenna, Managing Director of MSIL, said: "With the formation of the SHIP joint venture with USS we are building further on MSIL's strong track record and expertise in social infrastructure investment, development and asset management. USS is a highly respected blue chip real estate investor. This investment makes the clear statement that specialist supported housing is here for the long term as an established asset class within the UK's social infrastructure investment arena."
Graham Burnett, Head of Property at USS Investment Management, added: "We are delighted to be partnering with MSIL to launch SHIP, which continues our strategy to grow a significant portfolio of properties producing long term, stable returns for our participating employers and members. With supported living an emerging asset class, we fully expect our investment to grow given the strong fundamentals and significant lack of supply within the sector."
(LM/MH)
