Greater Manchester Pension Fund joins Henley Investment Management’s Secure Income Property Unit Trust

Henley Investment Management (Henley), the international real estate investment and fund management firm, announces that Greater Manchester Pension Fund has committed to their Secure Income Property Unit Trust II (SIPUT II), a fund focused on UK social housing, generating secure income returns through real estate while also creating significant social value.

The Greater Manchester Pension Fund, which provides pensions and benefits to over 414,000 members, joins other local government pension scheme investors who have already made commitments. The fund invests in the UK social housing sector, focusing on homes for the most vulnerable people in society.

SIPUT II is seeking to provide additional Specialised Supported Housing by investing in high-quality and energy efficient UK residential accommodation for individuals classified as vulnerable through learning disabilities, autism or mental health needs and those with additional care requirements. At the heart of the fund is providing a vulnerable individual a home for life, while supporting the NHS and Local Authorities housing and care strategies across the UK improving wellbeing, mental health and contribution to the community.

Working with local authorities and care providers across the UK, SIPUT II investments are demand driven by Local Authorities and NHS ICB’s needs to support better outcomes for the residents, moving from unsuitable accommodation or long-term hospital stays, deploying capital across a mix of refurbished, new build and existing properties, with a strong UK wide pipeline of new opportunities through its partnerships.

Stuart Savidge, Fund Managing Director at Henley Investment Management, said: “We are delighted to be partnering with the Greater Manchester Pension fund in investing in Specialised Supported Housing across the UK, and we understand their drive for high impact investments across the North West and UK.

“We appreciate that at the core of this investment is about creating better outcomes for vulnerable individuals while also generating income for the members of the pension fund. We admire how driven GMPF is to improve outcomes across their portfolio and are delighted to be part of their solution in addressing social needs.”

“There is a significant unmet demand in the UK social market and private funding is key for the development of new and higher quality specialist supported housing to meet local authority and NHS care and housing needs.

“SIPUT II has been providing secure accommodation for the most vulnerable people in society, while generating a strong, inflation-linked income stream for investors. We look forward to working with Greater Manchester Pension Fund and continue our investment strategy acquiring properties and deliver on our strong pipeline of opportunities. We have the ability to make a positive social impact through our investments and make a real difference to vulnerable people by providing a secure home, along with the support they need.”

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, said: “Our Impact Portfolio seeks to meet our twin aims of investing locally and creating a positive impact whilst generating a positive financial return to meet our pension obligations. I am proud that the Greater Manchester Pension Fund is supporting the Henley Secure Income Property Unit Trust and its effort to invest in UK social housing while also creating significant social value. The provision of Specialised Social Housing is particularly acute in the North West and Henley will be investing in high quality accommodation for vulnerable individuals, as well as providing a secure income stream for our Pension Fund.”

SIPUT II has a target funding commitment of £200 million annually for the open-ended fund, with assets generating a projected income of 5-6% annual dividend and a 6-7% total return while providing positive, measurable social outcomes.

Henley’s SIPUT Funds have been investing in specialist supported housing for over seven years, with £500+ million deployed since 2017.