William Eichler 19 September 2017

Benefit pension funds insurer invests £60m in housing association

A specialist insurer of benefit pension funds has invested £60m into a housing association which controls thousands of properties across the south west.

Pension Insurance Corporation plc (PIC) has invested £60m in long-dated, senior secured debt issued by Yarlington Social Housing Group. This brings the total PIC has invested in social and affordable housing to £1bn.

The funds will be used by Yarlington, a regulated housing association with over 10,000 properties across Somerset, Devon and Dorset, to finance new housing development and to refinance existing debt.

‘We are delighted to have secured this additional long-term funding,’ said Gary Orr, CEO at Yarlington Housing Group.

‘The bond issue, and our financial results, places Yarlington in a strong and secure position to deliver our ambitious commitments set out in our Next-Gen corporate strategy.

‘It reflects the confidence by the capital markets in Yarlington’s strategic and financial plans.

‘Underpinned by our strong governance, consistent operating margins and dedicated staff, this financing arrangement will play a major role in delivering our strategy, at a time when affordable housing is needed across the south west.’

Allen Twyning, head of debt origination at PIC, said: ‘We are very pleased to have worked with Yarlington Housing Group on this transaction.

‘The investment provides an attractive risk profile in an area of high demand for social housing. In addition the maturity profile is well-suited to our liabilities.

‘The team at Yarlington impressed us with its expertise, knowledge and strong governance and we are delighted to continue our commitment to supporting social and affordable housing.’

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