Greater Manchester Pension Fund (GMPF) has provided a loan of £31.3 million to developer-operator Placefirst to support the delivery of affordable rental housing in the North West of England.

CBRE’s lending team advised the fund.

The loan will be split between two Build to Rent (BTR) schemes in Bolton and Halifax town centres.

“The Bolton project has received £22.6mn for the delivery of 167 one and two-bedroom units,” said Placefirst.

“Previously a brownfield site, the 1.1-hectare site will also offer around 5,000 sq ft of commercial space on the ground floor, communal green areas and a new public square within the scheme.

“The transformation of a former multi-storey car park in Halifax into 122 one and two-bedroom units, has received £8.75mn to enable the development of high-quality sustainable homes, alongside a communal recreation space for residents.

“Both developments will provide new high-quality affordable rental housing in priority regeneration areas, catalysing investment in their respective town centres.

“Each development is all-electric, partly supported by PV panels and air source heat pumps and will offer cycle and EV parking spaces. Furthermore, all units will have a minimum of EPC B.”

GMPF chair Cllr Gerald Cooney said: “As a leader of a Council as well as a chair of a pension fund I know the depth of the housing crisis in which we find ourselves as a nation.

“We see it as we place record numbers of homeless children in temporary accommodation; as we grapple with waiting lists for social housing getting longer and longer; and younger residents are priced out of home ownership.

“That’s why we are proud to make this investment with Placefirst and support the Government’s plan to provide much needed affordable homes for hardworking families whilst delivering strong low risk returns to pay the pensions of our hardworking members.”

CBRE Executive Director Will Church said: “We deploy significant amounts of debt from our pool of capital into the North West, as recently demonstrated by these two whole loans to Placefirst.

“This is the second loan we have made on behalf of GMPF since securing our mandate and the first housing-led loan. This loan will contribute to the essential housing needed in the region, while adding real socio-economic benefits to Bolton and Halifax town centres.

“We remain interested in supporting further development across all main asset classes with loans that have appropriate risk adjusted characteristics and, crucially, which bring regeneration to the region.”

Placefirst CEO David Mawson said: “We’ve long been committed to addressing housing shortages by delivering much-needed high-quality rental homes in prime locations.

“Through these brownfield developments, Placefirst will revitalise neighbourhoods that have been bursting with potential, leaving behind well-connected homes that offer communities a new standard for rental living.

“As developers and operators, we are long-term partners with our residents and the communities we build in which is why we’re people-focused from design to operation.

“This GMPF loan is a testament to the social and economic benefits our developments have been proven to deliver for local communities.

“From encouraging wider investment into the area to helping communities connect, our developments offer long-standing value.”