Phoenix Group Invests £90m In Social Housing Projects

Phoenix Group, the UK’s largest long-term savings and retirement business, announces that it has provided £90 million of long-term funding by means of a private placement to Alliance Homes, a regulated social housing provider. The transaction marks an increase in Phoenix’s UK social housing holdings to above £2.5 billion.

Phoenix was chosen as lead investor with funding provided through Macquarie Asset Management, a key asset management partner.

The investment by Phoenix will support Alliance in developing c.2,000 affordable homes over the next ten years to help address the UK housing crisis. Alliance will use part of the funds to invest in improving the sustainability of its current housing stock by bringing all homes to an Energy Performance Certificate (EPC) rating of C or better.

The funding for the private placement, which was heavily oversubscribed through a tender process, was for a total value of £100 million and will be drawn in tranches aligned with Alliance’s business needs, giving long-term certainty of funding as it pursues its housing ambitions.

James Holkham-Coates, Investment Manager, Phoenix Asset Management, said:

“We are delighted to have provided Alliance with £90 million of funding to support its development programme in North Somerset and its decarbonisation ambitions. This investment further underlines Phoenix’s commitment to help tackle the UK’s housing crisis and support the levelling up of the whole of the UK in a sustainable manner.”

Katrina Michael, Chief Financial Officer, Alliance, added:

The challenges of addressing the current affordable housing shortage while investing in existing homes and communities and becoming more sustainable are top of the agenda for Alliance Homes. This funding will allow us to meet our corporate goals and we’re looking forward to continuing our relationship with Phoenix and Macquarie to achieve our ambitions.”

Gareth Edwards, a Senior Vice President at Macquarie Asset Management, said:

“We welcome the opportunity to play a role in supporting the delivery and maintenance of essential housing solutions for those most in need across the West of England. Through our long-established partnership with Phoenix, we are delighted to further support Alliance in their mission to help address the national housing shortage by building quality, affordable and energy efficient homes.”

About alastair walker 10924 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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