Phoenix Group, the UK’s largest long-term savings and retirement business, has provided a £58 mln (€67 mln) long term financing package, arranged by Macquarie Asset Management, to support a JV between Bromley Council in Greater London and Pinnacle for the planned acquisition of more than 200 affordable homes.
The financing is structured as 55-year inflation linked loan, with properties earmarked to house those currently homeless or in temporary accommodation providing a longer duration of tenure.
Oliver Swallow, investment manager, Phoenix Group, said: ‘The housing crisis continues to be one of the most prevalent challenges that we face across the UK and we are pleased that our investment to support the London Borough of Bromley will help those who are at risk of less secure or unaffordable housing. Phoenix is committed to help support the levelling up across the whole of the UK, by continuing to invest in quality homes.’
Gareth Edwards, SVP at Macquarie Asset Management, added: ‘The current demand for housing has placed tremendous pressure on local communities and councils.'
'The numbers of those facing homelessness or housed in temporary accommodation have prompted local authorities to look at ways to increase housing supply, with councils seeking alternative solutions to meet their housing needs.'
'With more than £1 bn invested on behalf of our clients in this sector to date, this latest agreement demonstrates our ongoing commitment to helping local authorities address the housing shortfall impacting the most vulnerable members of our society.’
