Pension Insurance Corporation invests in UK social housing debt

Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has invested £40m (€47.1m) in social housing debt.

The debt is secured on housing properties managed and owned by the Aldwyck Housing Group.

Liz Cain, debt origination manager at Pension Insurance Corporation, said: “Investing in these long-term assets not only matches our long-dated pension liabilities, but is beneficial for the economy and should help to provide more accommodation in areas of high demand.”

The debt, which has a fixed rate, matures in 2033, matching PIC’s pension liability cash flows.

It will be used to refinance existing debt and build new homes.

Aldwyck provides more than 11,000 homes and management services for around 25,000 people.

PIC said it has invested around £2.5bn in directly sourced debt investments with providers of student accommodation, universities, renewables and over £700m in social and affordable housing across the UK.

 

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