Savings and retirement business Phoenix Group has provided £70m (7€8m) funding to UK housing association Network Homes.

The FTSE 100 firm said the long-dated funding, maturing in 2070 will be used by Network Homes to support the development of more social and affordable housing.

Network Homes owns and manages 20,000 homes, operating in 36 local authority areas across London, Hertfordshire and the South East. They are part of the G15, a group of the largest social housing providers in London.

Scott Robertson, head of Phoenix Group Capital, said: “ This transaction demonstrates our commitment to responsible long-term investments serving an important social purpose and providing sustainable long-term cash flows to meet our pension customer liabilities.

Robertson said its strategic partner Aberdeen Standard Investments provided support throughout this transaction.

Peter Benz, executive director of finance at Network Homes, said: “Network Homes is very proud to have established long-term relationships with Phoenix Group and Aberdeen Standard Investments, who share our strategic vision of delivering new affordable homes in line with our charitable objectives.”

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