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Aldwyck Housing Group has secured a £40m loan from the Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds.
Luton-based Aldwyck, a housing association providing 11,000 homes and management services for around 25,000 people, has secured the private placement at a fixed rate, maturing in 2033.
The money, which is secured on Aldwyck’s social housing properties, will be used to refinance existing debt and build new homes.
Ian McDermott, group chief executive of Aldwyck Housing Group, said: “It signals an important chapter in our history as we strengthen our financial profile in support of our ambitious growth plans. Completion of the transaction, launched nine weeks ago, represents a broadening of our funding relationships and demonstrates investor confidence.
“We have a long and successful track record in development and over the next four years we will be building more than 800 much-needed new homes to meet the needs of local communities.”
PIC has to date arranged £700m of loans in social and affordable housing across the UK. The transaction was arranged by Natwest Markets as sole agent.