Pension Insurance Corporation has made its first social housing investment in Northern Ireland via Apex Housing Association.

The specialist insurer of defined benefit pension funds said it has made a £100m (€116m) debt investment with Apex to help the housing association develop 1500 new homes as well as to refinance existing debt.

Apex – the third-largest housing association in Northern Ireland – currently manages over 7,000 homes in the country, managing 25% of all social housing provision.

Roderick Canning, finance director at Apex Housing Association, said: “This investment will continue to support our growth strategy of providing high-quality affordable housing to those in need across Northern Ireland.

“We look forward to strengthening our relationship with PIC and other investors so we may continue to provide cost-effective services for our tenants and service users.”

PIC has so far invested over £2bn in social housing across the UK.

Eugenia Korobova, debt origination manager at PIC, said: “We are very pleased to have worked with Apex Housing Association on this transaction, which is our first housing association investment in 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.”

TradeRisks, part of the Gresham House, acted as sole arranger and dealer for the transaction.

To read the latest edition of the latest IPE Real Assets magazine click here.