Pension Insurance Corporation (PIC) has made a £130m (€155m) debt investment with UK social housing provider Raven Housing Trust to help fund new developments.
The specialist insurer of defined benefit pension funds said the debt investment, which is secured on housing assets, will be used to finance the development of 630 homes by 2026 across Surrey and Sussex. Raven currently owns and manages 7,117 properties across ten local authority areas in the South East of England.
PIC has invested £3.3bn in social housing across the UK since 2012.
Vladan Martinovic, debt origination manager at PIC, said: “The purpose of PIC is to pay the pensions of our policyholders over many decades, so by continuing to invest in long-dated, secure cashflows, such as our Raven investment, we are securely backing future pension liabilities.
“It has been a pleasure to deal with the team at Raven. We are proud to be able to help them develop much-needed homes, whilst at the same time securing the pensions of our policyholders.”
Mark Baker, group executive director of finance at Raven Housing Trust, said: “PIC’s investment with Raven will help hundreds of families find much-needed accommodation. We operate in an area of high demand, with high average house prices, and high house-price growth.”
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