The Universities Superannuation Scheme (USS) has launched a joint venture with Morgan Sindall Investments to build new homes for vulnerable people.
The Supported Housing Investment Limited Partnership (SHIP) will initially build more than 500 homes for people with physical disabilities and learning difficulties.
The joint venture partners have invested £100m into the venture with Morgan Sindall acting as asset, property and portfolio manager. The duo could double their initial investment in the venture, if fresh opportunities can be found.
USS Investment Management head of property Graham Burnett said the agreement is part of a strategy to build a portfolio of properties producing long-term, stable returns.
“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,” he added.
Morgan Sindall Investments managing director, Lisa Scenna, said the firm formed the venture with USS due to it being a ‘highly respected’ blue chip property 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,” she added. “Critically, SHIP will help to positively transform outcomes for hundreds of people with care needs and also the many family members that help to support them”.
