Social housing provider Raven has recently completed a £130 million debt investment from specialist insurer Pension Insurance Corporation plc (PIC).
This investment will be used to finance the development of 630 homes in the next four years – 58% will be for social or affordable rent and 30% will be for shared ownership accommodation.
Mark Baker, Group Executive Director of Finance at Raven Housing Trust, said: “PIC’s investment with Raven will help hundreds of families find much needed accommodation. We operate in an area of high demand, with high average house prices, and high house-price growth. “
The housing provider currently owns and manages 7,117 properties across ten local authority areas in the South East of England.
Raven said PIC was chosen as sole lender following a full market tender due to its flexibility on maturity and deferral capabilities. #
PIC has invested £3.3 billion in social housing across the UK since 2012.
Vladan Martinovic, Debt Origination manager at PIC, said: “The purpose of PIC is to pay the pensions of our policyholders over many decades, so by continuing to invest in long-dated, secure cashflows, such as our Raven investment, we are securely backing future pension liabilities.
“It has been a pleasure to deal with the team at Raven. We are proud to be able to help them develop much-needed homes, whilst at the same time securing the pensions of our policyholders.”