The trustees of Pace, the Co-op’s pension fund, have set aside £50m to invest in affordable housing.

All the homes in the West Yorkshire schemes have been let at or below market rents, with residents also eligible to purchase their home at a discount.

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The investment is part of an inflation-linked property mandate which is managed on behalf of the trustees by PGIM Real Estate. 

The housing developments in West Yorkshire feature 15 properties at Upperthong, near Holmfirth, 49 houses at Chickenley, near Dewsbury, and seven at Stocksmoor, near Huddersfield.

James Giles, investment and risk manager at Pace, said: “This is a prime example of how the trustees — who manage the scheme’s £11bn assets independently of the Co-op business — can make a secure, long-term investment with attractive returns, while still making a positive impact on society and reflecting the Co-op’s wider initiatives to support community spaces and places.”