ACC has partnered with CORT Community Housing to fund, build and manage 100 new homes for people and families on the public housing waiting list in Auckland.
According to a statement by the accident insurer, it is investing $50 million in the joint venture, while CORT will oversee the development and management of housing units across Auckland.
CORT is working on a project with over 160 new houses in the Auckland region, and the partnership with ACC will allow it to build 100 more homes.
“Our team looks at a range of environmental, social and governance (ESG) factors when making decisions,” said Louise Marsden, member of ACC’s investments private markets team. “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 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,” said Jeffries.