M&G Investments has financed a UK social housing firm with a 35-year loan.
One Housing, a developer and provider of homes, care and support in London and the south east of the UK, has borrowed £85m (€98.8m) in long-term financing deal from M&G Investments.
The investment manager said the loan is its second to One Housing.
The 35-year loan will be used by the housing association to increase liquidity and develop 1,050 homes for social and affordable rent, as well as shared ownership schemes.
Mark Davie, head of social housing, at M&G, said: “This approach brings benefits to our pension fund clients who seek to receive sustainable long-term returns, secured against residential property.”
The investment manager last year provided a £40m loan to Greenfields Community Housing, which provides shared ownership, leasehold and affordable rented housing in Essex.
An additional 400 properties will be built by One Housing for market sale by 2020 to generate profits to invest in further affordable homes. One Housing is aiming to develop 4,000 homes across all tenures over the next five years.
Related Companies
- Previous
- Next
