Insurance giant Legal & General has provided £100m of long term debt financing to its affordable housing business.
It said the deal opens the door for UK pension money to back the provision of affordable housing.
It is providing an extra £175m of development finance to support the delivery of 3,5000 homes.
Nigel Wilson, CEO of Legal & General, said: ‘Legal & General’s continued activity in the affordable housing sector demonstrates our unique ability to create real assets which match our long term pension liabilities, recycling the UK’s hard earned savings and pensions to support those most in need in society.
‘We have already directly invested over £22bn into new homes, urban regeneration, clean energy and transport infrastructure. Bringing in pension fund capital gives us the scope to do even more. This is inclusive capitalism at its best.’
