Pension Insurance Corporation has agreed a £65m loan to Welsh housing association Pobl.
The Stockport-based organisation will use the finance to support a two-year development programme.
The finance is split into two tranches, with an initial £15m spot funding maturing in 2041 and £50m drawn down in 2021 and maturing in 2059.
Pobl aims to develop 10,000 new homes in 10 years. It currently has a portfolio of more than 17,000 homes under management in South Wales. The new homes will be up to 40% more energy-efficient than the national average.
The loan is Pobl’s second from PIC, following a £35m deal in 2013. To date, PIC has committed more than £2bn into social housing in the UK.
Eugenia Korobova, debt origination manager at PIC, said: “The management has a clear strategy and rationale to make their plans achievable… In addition, we have been impressed by Pobl’s focus on the need to address ESG-related risks, and their plan to have very energy efficient homes.”
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