Universities Superannuation Scheme Ltd (USS) and Morgan Sindall Investments Limited (MSIL) have launched a new joint venture (JV) – the ‘Supported Housing Investment Limited Partnership’ (SHIP).

The landmark transaction brings together USS, one of the largest pension schemes and real estate investors in the UK, with MSIL’s market-leading expertise in social infrastructure development and investment.

At launch, the partners will commit £100m to SHIP, with USS providing 95% of the capital and MSIL retaining a 5% stake – and acting as asset, property and portfolio manager.

As the asset class matures, and provided that the market continues to offer suitable opportunities, the JV partners intend to increase the SHIP portfolio value to £200m.

Initially, SHIP will deliver over 500 new purpose-built supported independent living apartments across the UK. The housing will cater for vulnerable people with physical and learning disabilities, enabling them to live as independently as possible.