Industry fund HESTA has made a $6.7 million investment in Queensland-based community housing provider Horizon Housing.
HESTA will invest in Horizon Housing through its Social Impact Investment Trust, which seeks to invest in opportunities that deliver both financial return and social impact.
HESTA chief executive Debby Blakey said: “It’s appropriate that HESTA’s first Australian impact investment has the potential to both earn a financial return and help address a social issue impacting the community and our members.”
Ms Blakey said the investment could make a “meaningful” social impact.
According to HESTA, the investment will require the trust, which is managed by Social Ventures Australia (SVA), to partner with Horizon Housing to finance the purchase of existing and future housing and development opportunities.
SVA executive director Ian Learmonth said: “Through impact investment there is an opportunity to bring new capital to the issue to achieve both social and financial returns, and we’re actively looking for more deals in this space.”
“This partnership with Horizon Housing will provide greater choice and security of tenure for social housing tenants, helping them to transition to the private housing market.”
Horizon Housing chief executive Jason Cubit said: “We believe the key to increasing the supply of affordable housing is through innovative partnerships that leverage the skills and experience of different sectors.”
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