Legal & General Investment Management (LGIM) has expanded its partnership with UK housing group Jigsaw Homes, providing an additional £50m (€58.6m) in funding.

The additional capital, which increases LGIM’s existing investment to £125m, will be used primarily by Jigsaw for its development programme to add over 4,000 new social and affordable homes between 2024 and 2028. 

LGIM’s previous loans to Jigsaw in 2014 and 2015 amounted to £75m.

Steve Bolton, head of corporate private credit for UK and Europe at LGIM, said: “Our partnership with Jigsaw shows how institutional investors can help support the sector in a number of different ways.

“This investment is an example of how we can support our long-term pension commitments while also helping a leading organisation like Jigsaw build new homes and invest in their communities.”

Paul Chisnell, executive director of finance at Jigsaw Homes, said: “As we continue with our plans to help tackle the current shortage of new affordable housing, this partnership approach with LGIM helps us take another step forward in our commitment to deliver 4,000 homes over the next five years, as well as investing in projects and assets that increase life opportunities for our residents.”

Jigsaw builds, renovates and manages affordable housing for rent and sale, with more than 36,000 homes across the North-West and East Midlands.

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