Managers

In brief: Savills raises £123m for affordable housing

The real estate manager's social impact fund has reached a first close, with Big Society Capital, Samsung Life Insurance and London CIV among its LPs.

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British real estate manager Savills Investment Management has reached a first close on its affordable housing social impact fund of £123 million (€143 million; $155 million), according to a statement.

Savills IM Simply Affordable Homes launched in March 2023, the New Private Markets database shows. An open-end vehicle, the fund will make core investments in affordable, social-rent and shared-ownership housing. It will also partner with developers to create new accommodation.

To ensure it delivers positive impact, Savills has a designed a theory of change framework in conjunction with The Good Economy. The fund also has a carbon reduction pathway.

Big Society Capital has committed £10 million to the fund, as well as an additional £5 million through Schroder BSC Social Impact Trust. Other investors include Samsung Life Insurance, London CIV and Savills Plc.