UK housing association Soha secures £40m funding from PIC
Soha Housing has secured £40m (€46.3m) funding from Pension Insurance Corporation to help the UK housing association build 250 homes annually as part of its development programme.
PIC, an insurer of defined benefit pension funds, said it has completed the second long-dated, senior secured private debt investment with the South Oxfordshire-based social housing association, following an initial £40m private placement completed in 2018.
Soha Housing provides almost 7,000 homes for affordable rent and shared ownership for people who prefer to rent or who can’t afford to rent or buy in the private sector.
Kate Wareing, CEO of Soha Housing said: “We are delighted to have secured this funding, working with PIC’s knowledgeable team, which is evidence of the strength of Soha, and our investors’ confidence in our future performance.
“The funding will support Soha’s development activity to deliver 250 new homes per year within our local communities.”
Liz Cain, senior debt origination manager at Pension Insurance Corporation, said: “Soha provides housing in areas where house prices are generally unaffordable and these funds will support the provision of hundreds of affordable rent and low-cost home ownership homes.
“This is another example of PIC’s business model moving capital through the economy to areas where it is vitally needed.”