Announcement posted by Boyes Public Relations 31 Aug 2020
ACC will invest $50 million to initiate the joint venture and CORT will oversee the development and management of the new high-quality dwellings across Auckland. This initiative is actively supported by the Ministry for Housing and Development.
CORT CEO Peter Jeffries noted that the partnership would provide a much-needed boost for our communities.
“With the Public Housing Register now indicating over 18,000 kiwis in desperate need of affordable housing, this partnership is a much-needed boost for our communities. 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.”
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 said.
CORT is completing a housing development programme providing over 160 new houses in the Auckland region.
Louise Marsden, of ACC Investments Private Markets team, said 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 said. “This partnership with CORT is an excellent opportunity for us to achieve social impact while also delivering a sound financial return for the Scheme for the benefit of all New Zealanders.”
The new partnership with ACC will enable a further 100 quality homes to be built.
“Initiatives like these will help accelerate the rate at which Auckland becomes an inclusive and functional city,” CORT’s Peter Jeffries said.
“If we don’t get housing right – everything else suffers – it affects everyone. Well-being requires we all have a place that is safe, secure and we can call home.”
Peter Jeffries, CEO, CORT
Mob: +64 27 264 8844
Peter Boyes, BPR
Mob: +64 275 540 50
CORT Community Housing is a not-for-profit charitable organisation established to meet the housing needs of those on very low incomes. Founded by the Ponsonby Baptist church over 30 years ago the trust now provides housing for over 500 people across Auckland. Over the past 10 years CORT has evolved into a significant developer of high quality affordable housing and in 2019 won an Australasian Housing Award for one of its medium density developments in South Auckland.