M&G closes social housing fund to new investors
M&G will close its social housing fund to new investors this week, after doubling its cash to buy up assets in the last quarter.
The fund manager, which started accumulating promises of cash for the vehicle – which generates income from rents on social housing stock – in August 2010, will now start calling in investors’ cash.
It is believed to have over £200m in pledges from schemes, more than double the figure it had received in August.
M&G was unable to comment on the state of the fund.
The news follows figures showing new social housing stock building has been slashed in the last six months.
According to the government numbers just 259 social rented homes were started between April and September, compared to 9,340 for the equivalent period in 2010.
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