Pension Insurance Corporation (PIC) has made a further £30m (€35m) debt investment in Apex Housing Association, adding to its initial £100m commitment.
The specialist insurer of defined benefit pension funds said the latest investment will support the development of 300 to 400 new homes per year as part of Apex’s long-term strategy. Apex currently manages over 7,000 homes in Northern Ireland and is the third-largest housing association in the country.
Celia Franch Lopez, debt origination manager at PIC, said: “We are very pleased to have worked with Apex Housing Association on this transaction, and to be able to help them create social value within Northern Ireland.
“The investment provides an attractive risk profile in an area of high demand for social housing. In addition, the maturity profile is well-suited to our liabilities. This investment complements our portfolio, providing low risk, long-term, secure cashflows that match our pension liabilities for decades into the future.”
PIC’s other investments in Northern Ireland include a £55m investment in Clanmil Housing Association. To date, PIC has invested over £3bn in social housing across the UK.
Roderick Canning, finance director at Apex Housing Association, said: “We are delighted to have secured this transaction with PIC to continue our development programme over the coming years.
“PIC is a valued partner following our initial transaction in 2021 and having the opportunity to work again with a team that has such a strong understanding of the social housing sector makes for an efficient and successful process. We valued PIC’s flexibility, including the ability to defer drawdown.”
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