Pension Insurance Corporation (PIC) has invested £65m (€75.8m) in Livin Housing, a UK housing association.

PIC, an insurer of defined benefit pension funds, said it is investing the capital to help the housing association to develop affordable homes, as well as refinance existing debt.

Livin manages around 8,400 homes across County Durham, making it the largest owner of social housing in the region. It was formed in 2009 when Sedgefield Borough Council transferred council housing to the housing association.

Marno Jooste, debt origination manager at PIC, said: “We have been able to agree on a funding agreement which meets the needs of both parties, allowing the development of social housing while backing the payment of our policyholders’ pensions on a secured basis.”

To date, PIC has invested a total of almost £1.5bn directly into social housing.

Sean Brodie, an executive director of finance and development at Livin Housing, said: “The board have established a clear vision for the future of our business and the new funding arrangements provide an excellent platform from which we can invest further in providing great homes and sustaining strong communities.”