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Aldwyck secures £40m debt package

Aldwyck Housing Group has secured a £40m loan from the Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds.

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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.

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Luton association to join Aldwyck

 

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.

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