BlackRock and UK insurer Pension Corporation are among the investors to lend £275 million to a project building new homes in Manchester, marking the first foray into the sector for BlackRock's private markets team.

BlackRock and Pension Corporation put up £75 million each to lend to the Trafford Housing Trust, they said in statements on January 24. The money will be used to restructure debt and finance a joint-venture with another housing association, L&Q, that will build 500 homes a year.