Greater Manchester Pension Fund (GMPF) has invested £20m into a build-to-rent development in the heart of Trafford's 55-acre civic quarter masterplan on the doorstep of the Manchester United and Lancashire Cricket Club stadiums.
The 440-home scheme by developer Glenbrook and main contractor Domis Construction is badged Podium in Lumina Village.
A wider master plan will eventually see up to 4,000 new homes delivered alongside new public realm, green space and 500,000sq ft of commercial space.
The pension fund – which provides pensions and benefits to more than 400,000 of its members – has entered into an equal joint venture with Moorfield Real Estate Fund for the project that will have a gross development value of £120m.
The other of the £40m needed for the deal came via a loan from Trafford council.
The first phase is due to finished by the summer of 2026, although following a funding deal between Glenbrook and Moorfield work started early in 2024.
This scheme is separate to the huge TraffordCity regeneration scheme which includes a new 100,000-seater stadium for Manchester United.
Some 440 homes will be arranged across four buildings and a central podium, with a range of housing types available, including apartments and townhouses aimed at young professionals and families. All residents will have access to ground and podium-level amenities; resident lounges, reception areas, co-working space, a gym and studio, roof terrace, cycle storage and a 200-space car park.
Chair of GMPF, Coun Eleanor Wills, who is also executive leader of administering authority, Tameside, said: "I am proud that the GMPF, alongside Moorfield, GMCA and Trafford council, is supporting the provision of high-quality mid-market rental housing in Greater Manchester.
"The strategy supports the government's plan to provide much-needed homes that are affordable to young families and those looking to get their first step on the housing ladder, whilst enabling us to secure the pensions of our members."
Chief investment officer of Moorfield Group, Charles Ferguson-Davie, added: "Our joint venture with GMPF sees us partner with a forward-thinking º£½ÇÊÓƵ institutional investor who understand the long-term benefits high-quality purpose-built rental housing can bring to local communities and economies.
"This transaction enables us to recycle capital into other compelling opportunities we are seeing within º£½ÇÊÓƵ living real estate. There is a long-standing structural demand-supply imbalance, and a need for new housing of different tenures and typologies.
"We look forward to welcoming the first residents to Podium early next year."
The investment by GMPF into Podium has been completed through the Greater Manchester Property Venture Fund, which is advised by property company CBRE.
Colin Thomasson, head of º£½ÇÊÓƵ investment properties at CBRE, said: "Demand/supply dynamics within the wider º£½ÇÊÓƵ housing market continue to position the build-to-rent sector favourably with both domestic and global institutional investors, and we are delighted to have played a pivotal role in the partnership between Moorfield and GMPF."
