Monthly Archives

January 2019

CBRE launches £250m Affordable Housing Fund

By | Residential Property, Social Housing

This month has seen CBRE Global Investors, one of the world’s giant real asset investment managers with $104.5bn in assets under management, launch a £250m Affordable Housing Fund. The investments are from 13 institutional investors, including social investment institution, The Big Society Capital. Twelve out of 13 of the  investors are new to the affordable housing sector. Coming from the UK and Europe, the institutional investors include “pension funds and insurance companies”. Hannah Marshall, Head of UK funds commented, “If you look at Europe, you can see that for many of the Dutch pension funds, it’s already quite central to their agenda; you can see some of the bigger investors actually implementing targets – wanting to have a certain percentage of their portfolio in impact investment within the next five years, for example.”

The Fund will invest in social and affordable rented housing, shared-ownership properties, homeless hostels and housing for ‘key workers’, such as nurses. It is designed to make a social impact, while targeting a 6% total return. Ms. Marshall stated, ‘Our strategy contributes towards our investors ESG targets, and generates a positive social impact as we invest in the funding of homes for those households unable to afford to rent or buy in the open market’.

The Fund will act as a Social Landlord, leasing the properties to Registered Providers, as opposed to setting up their own RP for now. Investments will be sourced from house builders, individual RPs and Local Authorities and will include “both development and buying existing portfolios”.

Impact investing continues to gain traction among institutions into 2019, and the trend remains for investors and real estate fund managers to explore the opportunity within the social and affordable housing sector in the UK. In December, Legal & General Affordable Homes was granted registered provider status, helping push Legal & General’s affording housing initiatives.

 

Source: Investment and Pensions Europe

Investment Week: Sustainable & ESG Investment Awards 2018

By | Residential Property, Social Housing

Best ESG Fund Management Group (Generalist)
Hermes Investment Management – WINNER
Kempen Capital Management
Martin Currie Investment Management
Montanaro Asset Management
Newton Investment Management
Pictet Asset Management
Robeco – highly commended

Best ESG Fund Management Group (Specialist)
Castlefield Investment Partners
DWS Responsible Investments
EdenTree Investment Management – WINNER
HSBC Global Asset Management
Impax Asset Management – highly commended
Kames Capital
Legal and General Investment Management
Liontrust Asset Management

 

Best Environmental Fund
CB Save Earth Fund
Impax Environmental Markets Plc – WINNER
Pictet Global Environmental Opportunities Fund

Best Ethical Investment Fund
Amity UK Fund
CB European Quality Fund
Kames Ethical Cautious Managed Fund
Kames Ethical Equity Fund
Newton SRI Fund for Charities
Premier Ethical Fund
Rathbone Ethical Bond Fund – WINNER
Standard Life Investments UK Ethical Fund


Best ESG Investment Fund

Arabesque Systematic
Davy ESG Equity Fund
F&C Responsible Global Equity Fund
Hermes Global Equity ESG Fund – WINNER
Kempen (Lux) Sustainable European Small-cap Fund
LGIM Future World Gender in Leadership UK Index Fund
Muzinich Bondyield ESG Fund

Best Sustainable Investment Fund
Brown Advisory – U.S. Sustainable Growth Fund
Castel Residential Property Fund
FP WHEB Sustainability Fund – WINNER
Hermes Impact Opportunities Equity Fund
Insight Sustainable Euro Corporate bond fund
Janus Henderson Global Sustainable Equity Fund
Kames Global Sustainable Equity Fund
Liontrust Sustainable Future Managed Fund
Royal London Sustainable World Trust
Wellington Global Impact Fund

Best New Entrant – Fund
Baillie Gifford Positive Change Fund
Castlefield B.E.S.T Sustainable European Fund
Foresight Smart Bonds Fund
FP Foresight UK Infrastructure Income Fund (FP FIIF)
M&G Impact Financing Fund – WINNER
Montanaro Better World Fund
UBAM – EM Sustainable High Grade Corporate Bond
VT Gravis Clean Energy Income Fund

Best New Entrant – Services
Heartwood Sustainable Multi Asset Strategies
Smart Pension
Tribe Sustainable Impact Model Portfolio Service – WINNER

Award for Innovation (Funds)
Amundi Planet Emerging Green One
Castlefield B.E.S.T Sustainable Portfolio Fund
Davy ESG ex Fossil Fuels
HSBC Global Lower Carbon Bond Fund
Mirova Natural Capital Althelia Funds
Pictet Global Environmental Opportunities Fund
RobecoSAM Global SDG Credits Fund – WINNER
Standard Life Investments Global Equity Impact Fund
Threadneedle (Lux) European Social Bond Fund
Trium Morphic ESG L/S UCITS

Award for Innovation (Portfolios)
Canaccord ESG Service
Barclays Sustainable Total Return Strategy
Financial Express Investments – Responsibly Managed Portfolios
Thomas and Thomas Pro-Ethical Portfolio Service – WINNER

Award for Innovation (Non-fund)
Arabesque S-Ray
CPR Asset Management – Risk Management through ESG material signals
ixo Protocol – WINNER
Schroders Climate Progress Dashboard
Thomson Reuters ESG Data

Award for Innovation (Research & Methodology)
BMO Global Asset Management – SDG Mapping and Engagement
Bridges Fund Management – Impact Management Project – WINNER
Davy Asset Management – ESG Valuation Model
Morningstar® Portfolio Carbon Risk ScoreTM
RobecoSAM SDG framework
S&P Global Ratings Green Evaluation
Thomson Reuters Diversity & Inclusion Index
Tribe Impact Methodology
WHEB Asset Management – Impact Report 2017 and Interactive Impact Microsite

Best ESG Research Team
AVPN
BMO Global Asset Management – WINNER
DWS
Hermes Investment Management
Montanaro Asset Management
S&P Global Ratings
Storebrand Asset Management

Best Thought Leadership Paper on Sustainable Investing
AVPN – The Continuum of Capital in Asia – WINNER
Castlefield Investment Partners – Corporate Governance – “Remuneration: Pension Provisions”
DWS – Measuring Physical Climate Risk in Equity Portfolios
EdenTree Investment Management – The Future of Work
Fidelity – Pulling away: Inequality as an ESG risk
Hermes – Modern Slavery: The true cost of cobalt mining
Lazard Asset Management – The Growing Importance of the “E” in ESG / Giving Credit Where It’s Due
Morningstar – Passive Fund Providers Take an Active Approach to Investment Stewardship
P1 Investment Management – Investing in extreme weather conditions
Schroders – Carbon Value at Risk

 

Source: Investment Week 2018

More Than 3 Million New Social Homes Needed To Tackle ‘Worsening’ Housing Crisis – Shelter

By | Social Housing

Housing charity recommends social homes be extended to those who may not qualify under current system.

Millions of social homes should be built over the next 20 years to tackle the “worsening” housing crisis and extend provision to more people in need, housing charity Shelter has said.

Some 3.1 million new homes are needed to provide for homeless households and those living in poor conditions, people living with a disability or long-term illness, and over-55s.

But the landmark report also recommends that those in need who would not qualify under the current system should also be provided for. That includes “trapped renters” – young families stuck with expensive rents and little prospect of being able to buy their own home.

The 220-page ‘Building for our future: a vision for social housing’ report was launched following the Grenfell Tower fire in June 2017, bringing together 16 independent commissioners including Labour MP Ed Miliband, Baroness Doreen Lawrence and Grenfell survivor Ed Daffarn.

Commissioners spent one year speaking with hundreds of social tenants, 31,000 members of the public, and housing experts. Shelter will present their recommendations to the Prime Minister and Labour leader Jeremy Corbyn today.

Among the proposals put forward are the construction of 1.27 million homes for homeless households, those living with a disability or long-term illness, or living in very poor conditions.

It suggests nearly 700,000 homes be built for older private renters struggling with high housing costs beyond retirement, in figures calculated using government data and figures from the Office for National Statistics.

The charity also calls for 1.17 million homes for trapped renters.

Among them is Lucie, who works full-time as a welfare case officer in a charity.

The 30-year-old rents privately and lives with her two children aged 11 and 6, but says they have had to move eight times since her daughter was born in 2007.

“I really feel that if I’d been offered social housing and I’d been able to live somewhere affordable for the last ten years, I think I’d probably be in a position now where I could buy my own property, and that social home could then go back to someone else who needs it,” she said.

“But because I’ve had to move so many times, and rents are so high – the financial implications have been devastating. It simply hasn’t been possible for me to save the money. Just that little bit of stability for me and my children would have made a big difference.”

The report found that just 6,500 more social homes were provided last year, but Shelter is calling for 155,000 to be built between now and 2039, each home partially funded by the government.

The commission suggests that the scheme is the best way to ensure the government reaches its goal to build 300,000 houses a year.

The proposals would cost nearly £11bn on average each year during construction, yet it is estimated that the benefits will outweigh the costs as some two-thirds would be recouped through housing benefit savings and an increase in tax revenue.

Research from Capital Economics estimates that the investment will have “fully paid for itself” after 39 years.

I really feel that if I’d been offered social housing and I’d been able to live somewhere affordable for the last ten years, I think I’d probably be in a position now where I could buy my own property

Alongside “essential” reforms, the charity is calling for a new “Ofsted-style” regulator to protect residents and put in place common standards across both social and private renting.

It also recommends an organisation be set up to better represent social housing tenants’ views in central and local government, and measures to be put in place to ensure enough investment to maintain social housing and neighbourhoods.

Baroness Sayeeda Warsi, one of the report’s commissioners, said: “Social mobility has been decimated by decades of political failure to address our worsening housing crisis. Half of young people cannot buy, and thousands face the horror of homelessness.

“Our vision for social housing presents a vital political opportunity to reverse this decay. It offers the chance of a stable home to millions of people, providing much needed security and a step up for young families trying to get on in life and save for their future. We simply cannot afford not to act.”

Miliband added such a vision would be a way to “restore hope, build strong communities, and fix the broken housing market”.

He said: “The time for the government to act is now. We have never felt so divided as a nation, but building social homes is a  priority for people right across our country. This is a moment for political boldness on social housing investment that we have not seen for a generation.”

John Healey MP, Labour’s shadow housing secretary, said: “Housing will be at the heart of the next Labour government’s plans to rebuild Britain, with a million new genuinely low-cost homes in the first ten years alone.”

The Ministry of Housing, Communities and Local Government has been contacted for comment.

Source: Huffington Post UK

 

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