PfP wins US investment
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Places for People Homes has concluded a $200 million deal with US-based private investors, secured against the housing association’s property portfolio.
Finalised in August, it is the first deal of its kind for York-based PfP. The final chunk of the funds were released this week and will be used to refinance existing debt.
Chris Jones, head of tax and treasury at PfP, commented: ‘We are now in a strong position to access the US investor market. This will give us the advantage of tapping into market offers in either the US or the UK depending on which has the most attractive terms.’
Stuart Ropke, head of investment policy and strategy at the National Housing Federation, said the deal reflected the growing interest in investing in the housing sector.
He explained: ‘There is a lot of interest in capital market investment. Institutions are keen to invest in a robust, well-managed sector with an exemplary record, which means it is well placed for the future.’
Paul Pugh, corporate partner at law firm Eversheds which worked on the deal, said that it was an unusual form of fund raising for a housing association. However, he added that it was an indication that the sector was being regarded as a ‘safe harbour’ for funds
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