USS and Morgan Sindall Investments launch new supported living fund
Universities Superannuation Scheme, a U.K.-based pension plan, and Morgan Sindall Investments have launched a new joint venture, Supported Housing Investment LP.
Initially, SHIP will deliver more than 500 new purpose-built supported independent living apartments across the United Kingdom. The housing will cater for vulnerable people with physical and learning disabilities, enabling them to live as independently as possible.
At launch, the partners will commit £100 million ($126 million) to SHIP, with USS providing 95 percent of the capital and Morgan Sindall retaining a 5 percent stake and acting as asset, property and portfolio manager.
As the asset class matures, and provided that the market continues to offer suitable opportunities, the joint venture partners intend to increase the SHIP portfolio value to £200 million ($251 million).
“This investment makes the clear statement that specialist supported housing is her