Clanmil Housing Association has secured £55m of financing from Pension Insurance Corporation to help it achieve its target of building 1,400 new homes by 2026.
PIC’s investment in the Northern Ireland-based regulated provider is part of a wider £100m fundraising and will be drawn down over a two-year period, helping Clanmil reduce interest payments, and allowing it to complete its planning process.
The investment includes a range of maturities spanning 32 years and has a maturity profile tailored to match PIC’s pension liabilities in years where it is difficult to source cash on the public bond markets.
The investment will be split between £25m drawdown until September 2023, and £30m delayed drawdown until September 2024.
This is PIC’s second investment in a Northern Ireland-based housing association, following a £100m investment in Apex Housing Association in December 2021.
The transaction was arranged by Barclays. Addleshaw Goddard and A&L Goodbody provided legal advice to PIC.
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG
