Residential Secure Income has agreed a £300m secured debt facility with pension scheme Universities Superannuation Scheme to grow its shared ownership portfolio.
The 45-year facility is claimed to be the first of its kind for investment into the sector, and the company will initially draw down £34m for its 166-home schemes in Totteridge and Clapham Park, London.
Residential Secure Income is planning to deploy a further £36m into a number of opportunities in the near term.
Alex Pilato, chief executive officer of ReSI Capital Management, said: “This is significant milestone both for Residential Secure Income, as well as the social housing sector, representing the first standalone investment grade debt financing secured for shared ownership.
“The facility has been obtained at an extremely attractive rate with a great partner in USS and maintains our stated strategy of securing long term amortising investment grade debt which ensures asset quality, while minimising refinancing and covenant risk as well as interest rate exposure.”
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