Pension Insurance Corporation has completed a £30m debt investment with Livin Housing.
The deal is the second with the County Durham-based housing association, bringing the total backing to £95m.
PIC’s finance will be split into three tranches, with drawdowns in 2021, 2022 and 2023, with maturities split between 2054 and 2059.
Livin will use the finance to develop 450 homes in the North East over the next three years.
The housing association was formed in 2009 when Sedgefield Borough Council transferred council housing via a large-scale voluntary transfer. It now manages a portfolio of 8,400 homes.
Sean Brodie, executive director of finance and development at Livin, said: “The deferred element is particularly helpful as it provides us with certainty of future funding, at a known cost.”
Eugenia Korobova, debt origination manager at PIC, said: “Sourcing secure, long-dated cash flows such as these is important to PIC as we focus on our purpose of paying long-term pension liabilities.”
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