The Universities Superannuation Scheme (USS) and Morgan Sindall Investments Limited (MSIL) have launched a joint venture targeting UK supported living.
The Supported Housing Investment Limited Partnership (SHIP) has 拢100m (鈧�116.3m) to invest in the sector.
USS is providing 95% of the capital, with MSIL retaining a 5% stake and acting as asset, property, and portfolio manager, according to a statement from MSIL.
The venture may be doubled to 拢200m, depending on the market鈥檚 movement.
Graham Burnett, head of property at USS Investment Management, said the investor was following a strategy to build a 鈥渟ignificant portfolio of properties producing long-term, stable returns鈥�.
鈥淲ith supported living an emerging asset class, we fully expect our investment to grow given the strong fundamentals and significant lack of supply within the sector,鈥� he said.
SHIP will aim to deliver 500 purpose-built apartments to cater for vulnerable people with physical and learning disabilities, enabling them to live as independently as possible.
Lisa Scenna, managing director of MSIL, said: 鈥淭his investment makes the clear statement that specialist supported housing is here for the long-term as an established asset class within the UK鈥檚 social infrastructure investment arena.鈥�
Last week, USS announced a with to invest in a portfolio of loans to asset management companies.
