Pension Insurance Corporation (PIC) has made a further 拢30m (鈧�34.2m) investment UK housing association Livin Housing.
The insurer of defined benefit pension funds said it has completed the second debt investment in County Durham based housing association to help fund the development of new homes and enhance existing housing. PIC made an initial 拢65m debt investment in April 2019.
Livin Housing manages around 8,400 homes across County Durham. PIC鈥檚 funds are secured on a portfolio of social housing properties based in the North East.
Sean Brodie, executive director of finance and development at Livin Housing, said: 鈥淲e are delighted to have secured this additional long-term funding. The deferred element is particularly helpful as it provides us with certainty of future funding, at a known cost.
鈥淧IC鈥檚 team were flexible in providing a funding structure that meets our needs and proactive in helping us complete the transaction during volatile markets and I鈥檇 like to thank them for their efforts.鈥�
Eugenia Korobova, debt origination manager at PIC, said: 鈥淪ourcing secure, long-dated cash flows such as these is important to PIC as we focus on our purpose of paying long-term pension liabilities.
鈥淭his focus has important outcomes for society, including the provision of social housing, and securing more pension liabilities. This means that more trustees can guarantee their members鈥� pensions through insurance-based pension risk transfer, greatly improving their financial security in retirement.鈥�
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