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CBRE affiliate raises £250M for UK affordable housing fund

CBRE Global Investors Inc. held the first close of its maiden U.K. social and affordable housing fund, raising approximately £250 million, IPE Real Assets reported, citing a company executive.

The affiliate of global commercial real estate services and investment firm CBRE Group Inc. said the open-ended CBRE UK Affordable Housing Fund attracted investments from 13 U.K. institutional investors, including social investment institution The Big Society Capital.

The fund will target social and affordable rented housing, shared-ownership properties, homeless hostels and housing for key workers.

According to the report, CBRE will partner with registered providers, which will manage the assets. Hannah Marshall, head of U.K. funds for the firm, told the publication that the fund is the first of its kind and aims to make a social impact while targeting a 6% total return.