FINANCE: M&G Investments has lent £50m of private placement finance to Cornish housing association Ocean Housing.
The 40-year private placement go towards financing the development of Ocean Housing’s portfolio of social and affordable housing. The association provides more than 4,200 homes in Cornwall.
Mark Davie, head of social housing, M&G Investments, said: “Ocean plays a vital role in a region where there is both a severe shortage of housing and a growing population.
“Our pension fund clients continue to seek cash flows over the long-term which are secured against residential property.
“M&G has now invested over £5bn in UK social housing through property transactions, public bonds and private placements and we’re keen to do more.”
