The Pension Insurance Corporation (PIC) has made a further £30m (€35m) debt investment in Apex Housing Association, on top of its original commitment of £100m.
The defined benefit pension fund specialist insurer said the investment will support the development of 300 to 400 new homes per year as part of Apex’s long-term strategy. Apex currently manages over 7,000 homes in Northern Ireland and is the third largest housing association in the country.
Celia Franche López, Fixed Income Origination Manager at PIC, said: “We are very pleased to be working with Apex Housing Association on this transaction and supporting the creation of social value within Northern Ireland.
“This investment offers an attractive risk profile in a region with high demand for social housing. Additionally, the maturity profile is well matched to our debt. It provides low-risk, long-term secure cash flow comparable to pension liabilities over a decade.”
PIC’s other investments in Northern Ireland include a £55 million investment in Clanmil Housing Association. To date, PIC has invested over £3 billion of his investment in social housing across the UK.
Roderick Canning, Apex Housing Association Finance Director, said:
“PIC has been a valuable partner since our first transaction in 2021 and having the opportunity to work again with a team with a deep understanding of the social housing sector has resulted in an efficient and successful process. evaluated the flexibility of PIC, including the ability to defer drawdown.”
Click here to read the latest IPE Real Assets magazine.