ACC is partnering with CORT Community Housing to provide 100 new homes for people and families on the public housing waiting list in Auckland.
In a first for New Zealand, ACC is partnering with CORT Community Housing to fund, build and manage 100 new homes for people and families on the public housing waiting list in Auckland.
We're investing $50 million in the joint venture and CORT will oversee the development and management of new high-quality homes across Auckland.
We manage one of New Zealand's biggest investment funds and the returns help pay for the costs of treating and supporting injured Kiwis. The fund, currently valued at about $47 billion, ensures New Zealanders pay less in levies for accident cover.
Louise Marsden, of our Investments Private Markets team, says this partnership is a great example of how our investments can improve the lives of New Zealanders.
"Our team looks at a range of environmental, social and governance (ESG) factors when making decisions," she says. "This partnership with CORT is a great opportunity for us to achieve social impact while also delivering a sound financial return for the scheme for the benefit of all New Zealanders."
CORT CEO Peter Jeffries says the partnership would provide a much-needed boost for our communities.
"The Public Housing Register now indicates over 18,000 New Zealanders are in desperate need of affordable housing," he says. "While the Government’s investment in Kāinga Ora is welcome, growing the community housing sector will also be just as crucial to supply enough homes to meet this need."
We've been investing in key infrastructure projects for a long time
Peter noted that ACC is a long-standing investor in key infrastructure for New Zealand, while CORT has successfully invested and managed high-quality public housing for more than 30 years.
"Both organisations share a similar long-term investment horizon, so forming this joint venture is a great fit," he says.
CORT is completing a housing development programme providing over 160 new houses in the Auckland region. This new partnership with ACC will allow them to build another 100 quality homes.
Find out more about CORT Community Housing on their website: