Housing association Acis Group has secured £30m funding from M&G Investments to build 400 homes.
The 30-year private placement will also be used to refinance existing debt carried by Acis, which operates in the East Midlands and South Yorkshire.
Acis Group finance director Simon Hatchman said: “Alongside new bank finance which we have also recently arranged, this deal has helped us to unlock capacity for further growth. This tranche of long-term finance at a competitive rate is a good fit with our broader financial plan, and it will enable us to continue to have a positive impact on the communities we serve.”
M&G head of social housing Mark Davie said: “With 100 affordable homes already in development and a further 300 in the pipeline, Acis continues to provide local people with much needed housing within the community it serves. This deal puts Acis on a firm footing to carry out its business plans over the coming years.”
