CBRE Global holds £250m first close for open-end U.K. affordable housing fund

CBRE Global Investors has held its first close for the CBRE U.K. Affordable Housing Fund, with equity commitments totaling approximately £250 million ($320 million), exceeding the target for the first close. The capital was raised from 13 institutional investors including commitments from Big Society Capital.

The first investment is expected to close in first quarter 2019.

AHF is a U.K. open-end unlisted fund targeting institutional client capital solely investing in social and affordable housing.

The fund offers investors diversification through exposure to the residential sector with the aim of having a significant social impact. AHF will invest in housing stock in the United Kingdom, focusing on social and affordable rented housing, shared ownership as well as other tenures such as key worker housing and homeless hostels. The fund will partner with registered providers, which will manage the homes and be responsible for the rental income, maintenance, proper