BUILD February 2017

NEWS , 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 develop- ment 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 inde- pendently as possible. Lisa Scenna, Managing Director of MSIL commented, “with the formation of the SHIP joint venture with USS we are building further on MSIL’s strong track record and expertise in social infrastructure investment, devel- opment and asset management. USS is a highly respected blue chip real estate investor. This in- vestment makes the clear state- ment that specialist supported housing is here for the long term as an established asset class within the UK’s social infrastruc- ture investment arena. Critically, SHIP will help to positively trans- form outcomes for hundreds of people with care needs and also the many family members that help to support them”. Graham Burnett, Head of Prop- erty at USS Investment Manage- ment added, “we are delighted to be partnering with MSIL to launch SHIP, which continues our strategy to grow a significant portfolio of properties producing long term, stable returns for our participating employers and members. With supported living an emerging asset class, we fully expect our investment to grow given the strong fundamentals The construction boom and green con- sciousness in North America have set up the commercial pumps market for robust growth. The popularity of green building technologies in the construction and infrastructure sectors has created a vast market for remod- els and retrofits. This environment is encouraging the development of advanced pump designs with more elec- tronic features, which augment system integration and system efficiency. Strategic Analysis of the North American Commercial Pumps Market is part of Frost & Sullivan’s Industrial Automa- tion & Process Control Growth Partnership Subscription. The analysis finds that among the various types of pumps, sin- gle-stage pumps have the largest share. However, the share of multi-stage pumps is likely to increase in the long term, due to the requirement for pressure boosting applications. “Stringent environment legisla- tions and a gradually recover- ing economy are boosting the construction sector, especially the non-residential segment,” said Frost & Sullivan Industrial Automation & Process Control Research Analyst Shilpa Mathur Ramachandran. “This trend will stoke demand for commercial pumps in applications such as pressure-boosting and drainage and sewage.” Despite the efforts of pumps manufacturers to introduce energy-efficient pumps, the high price sensitivity in the market deters end users. Furthermore, the North American market could face stiff competition from Euro- pean and Asian imports due to their perceived higher quality and competitive prices. “To counter the main industry challenges, market majors need to evolve into the roles of solution providers rather than remaining stand-alone equipment pro- viders,” noted Ramachandran. “Apart from offering end-to-end solutions, companies can stand out by working with clients to understand their pain points and delivering customized solutions.” and significant lack of supply within the sector.” In 2013, MSIL took a 50% stake in HB Villages Limited (HB Villag- es) – the UK’s leading specialist developer of purpose built sup- ported independent living apart- ments. Since then, HB Villages has delivered apartments in 30 towns across England, valued at circa £70m. It has a £100m live pipeline of apartments in planning or construction – with a significant proportion being built by MSIL’s sister companies, Lovell Partnerships Limited and Morgan Sindall Construction & Infrastructure Limited. HB Villages is a strategic national response to the widely acknowl- edged under supply of ‘fit-for- purpose’ housing for vulnerable people, enabling them to lead better and more independent lives. The model is funded by the pri- vate sector, with the HB Villages team working in partnership with Registered Social Land- lords, Care Providers and care commissioners to ensure that the right type of housing and care is delivered for local communities. The bespoke designs and technology within the apartments empower and encourage their occupiers to live more inde- pendently, while facilitating the care and support they need. • USS was advised by Gowl- ing WLG and JLL. • MSIL was advised by PwC Corporate Finance and Ber- win Leighton Paisner. For more information on Morgan Sindall Investments Limited please go to www.msinvestments.co.uk For more information on Univer- sities Superannuation Scheme please go to www.uss.co.uk Resurgence of Construction Activity Expands Associated Growth Opportunities for Commercial Pumps N