UK social housing group secures £100m funding from PIC
Pension Insurance Corporation (PIC) is investing £100m (€111m) in East Midlands Housing Group (EMH Group) to fund the development of affordable UK homes.
PIC, an insurer of defined benefit pension funds, said it is providing the Leicestershire-based group with long-dated, senior secured private placement financing as a sole investor.
EMH Group provides affordable homes and care and support services in the East Midlands. It has more than 20,000 properties in more than 40 local authority areas across the region and expects to develop 2,600 properties by the end of 2023.
Andrew Kilby, executive director, finance at EMH Group, said: “PIC’s expertise in structuring the funding arrangement has allowed us to closely manage our costs.
“This funding enables us to provide hundreds of people with the security that comes with having a roof over their heads.”
Marno Jooste, debt origination manager at PIC, said: “It has been a pleasure to work with such a knowledgeable and pragmatic team.
“Right from the start, EMH Group impressed us with its long-term view and strategic approach to providing much needed social housing.”
To date, PIC has invested over £1.5bn in the UK’s social housing sector.