600 affordable homes to be built in Sussex and Surrey by 2026
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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.
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Hide AdMark 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. “
Raven is a not for profit Registered Provider of Social Housing that invests in homes across Surrey and Sussex.
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. #
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Hide AdPIC 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.”