The fund typically owns the underlying property assets, providing additional potential for capital appreciation. The fund is a socially responsible investment (SFDR Article 8). It is intended that it will assist in addressing the chronic undersupply of social and affordable housing in Ireland, and has provided (or facilitated provision of) over 100 new homes for social housing to date.
The Investment Manager has built a high-quality portfolio of properties let to Local Authorities and Approved Housing Bodies.
The fund works with Local Authorities, Approved Housing Bodies and Developers to deliver social and affordable housing with investments in:
- Properties let on long term leases (typically 25 years) to Local Authorities and Approved Housing bodies.
- Forward funding and forward purchase of new social housing developments.
- Sites acquired with the intent of developing social or affordable housing.
- Vacant properties which can be let on long-term social housing leases.
- Debt securities secured on social and affordable housing properties.
There is a well-documented housing crisis in Ireland. As of November 2022, there are 57,842 households assessed as qualifying for housing support with 22.3% of these households on a waitlist for more than 7 years. Additionally, the Governments “Housing for All” plan targets the delivery of 33,000 new homes annually. The fund intends to be part of the solution to assist in providing much needed capital to assist in solving this crisis.
