L&G gets £100m boost to drive up affordable housing in North West

GMPF is a member of the Northern LGPS, along with Merseyside LGPS and West Yorkshire LGPS.

Homes developed or acquired by the L&G fund will be operated by subsidiary Legal & General Affordable Homes (LGAH), which is a for-profit provider registered with the Regulator of Social Housing. 

LGAH currently has around 3,000 homes for social rent, affordable rent and shared ownership, with its stock concentrated in the South East, Midlands and North West, according to the English regulator. It aims to have around 10,000 homes by 2028.

Eleanor Wills, chair of GMPF, said it was “acutely aware of the severe housing crisis” with record numbers of homeless children in temporary accommodation and growing social housing waiting lists.

She added: “This is why we are proud to continue our longstanding partnership with Legal & General… that supports the government’s plan to provide much-needed affordable homes for hardworking families while ensuring strong, low-risk returns to secure the pensions of our members.” 

Ali Farrell, fund manager at L&G, said the new fund “reflects L&G’s commitment to delivering more affordable housing where it is most needed”. 

Earlier this month, LGAH acquired 487 homes from Birmingham City Council. 

In November, the provider appointed former Hyde executive Catherine Raynsford to lead on stock acquisitions. 

Chris Hewitt, chief investment officer at LGAH, told Social Housing last summer that the provider is pursuing a new strategy by targeting portfolios of old homes owned by traditional housing associations.