Future Super has become the first superannuation fund to back the federal government’s Housing Australia Future Fund Facility (HAFFF), supporting a new partnership between Conscious Investment Management (CIM) and leading community housing provider St George Community Housing (SGCH) to deliver affordable homes in Box Hill, Victoria.
This is the first investment for the Conscious Investment Management Social Housing Fund 2 (SHF2), which financed SGCH to acquire the 102 dwellings.
The acquisition is being financed through a combination of capital from CIM’s managed funds, with investors including Future Super, philanthropic backers Minderoo Foundation and the Paul Ramsay Foundation, and clients of Australian Impact Investments such as Siddle Family Foundation and Snow Foundation.
The 102 turnkey apartments will be offered under the HAFFF program as affordable housing for predominantly frontline workers. Ideally located near public transport and the Box Hill health precinct, they are expected to provide housing to over 200 people in a community where 44% of renters experience housing stress – well above the Victorian state average..
SGCH will gain ownership and ongoing operation of the homes, with the financing structured to ensure they remain affordable and in community ownership long-term.
Superannuation as a force for good
Future Super CEO Simon Sheikh said the deal reflects the fund’s commitment to using retirement savings to deliver both social impact and long-term returns.
“Our members want their retirement savings to build a fairer, more sustainable future and to be invested in solutions to the big challenges we face, like the housing crisis,” Sheikh said.
“By becoming the first super fund to back the HAFFF program, Future Super is showing that superannuation can be a powerful force for good, creating real-world impact while also delivering strong long-term returns. This landmark Box Hill investment demonstrates what’s possible when capital is directed towards both impact and performance.”
Scaling housing outcomes
CIM Chief Investment Officer Matthew Tominc said: “We are proud to support SGCH and Housing Australia in this important acquisition. The HAFFF program is a great mechanism to address housing need at scale, and we’re committed to supporting experienced, not-for-profit providers to be at the centre of its delivery.”
CIM has actively financed the community housing sector since 2021 and is dedicated to addressing Australia’s pressing housing challenges.
To support its participation in the HAFFF program, CIM recently achieved the successful final close of its second dedicated social and affordable housing fund, the CIM Social Housing Fund 2 (SHF2).
Once fully deployed, SHF2 is expected to deliver approximately 2,000 housing outcomes across Australia, in collaboration with a network of experienced community housing providers.
SGCH enters Victoria
For SGCH, the Box Hill development represents both growth and impact. SGCH is one of Australia’s most experienced community housing providers, currently providing homes for 11,500 Australians and operating as a registered not-for-profit since 1985.
SGCH CEO Debi Marriott-Lavery said: “This Box Hill acquisition is truly historic for SGCH – we have 40 proud years of serving Sydney communities and today marks our first step into Victoria, hot on the heels of our recent expansion into Queensland.
“It’s an exciting milestone that brings us closer to our vision of ensuring more Australians can access a home they can afford and that meets their needs.
“We know that thousands of families across Australia are struggling to find safe, affordable homes – that challenge certainly doesn’t stop at state borders.
“Through partnerships like this one with Housing Australia, we can reach more people who desperately need secure housing and give them the stability they deserve.”
Towards a national model
Expansion into Victoria positions SGCH to become a national community housing provider, diversifying its portfolio while staying focused on delivering secure, affordable homes.
By combining SGCH’s on-the-ground expertise with CIM’s fund management and Future Super’s catalytic capital, the Box Hill investment is being seen as a template for how superannuation and philanthropy can work together to address the housing crisis.
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