Apex secures £100m investment for development plans
Apex Housing Association (Apex) has secured a £100m debt investment from a specialist insurer to go towards building new homes.
The Pension Insurance Corporation (PIC) will invest the money to support Apex’s plans to develop 1,500 new homes in the coming years. It will also help to refinance some of the association’s existing debt.
PIC’s investment marks the first time the insurer has invested in social housing in Northern Ireland. To date, it has invested more than £2bn in social housing across the UK.
Roderick Canning, Apex’s Director of Finance said:
This investment will continue to support our growth strategy of providing high-quality affordable housing to those in need across Northern Ireland.
We look forward to strengthening our relationship with PIC and other investors so we may continue to provide cost-effective services for our tenants and service users.
Eugenia Korobova, Debt Origination Manager at PIC, said:
We are very pleased to have worked with Apex Housing Association on this transaction, which is our first housing association investment in Northern Ireland. The investment provides an attractive risk profile in an area of high demand for social housing.
The team at Apex impressed us with its expertise, knowledge and strong governance and we are delighted to continue our commitment to supporting social and affordable housing.
The investment was arranged by TradeRisks, part of Gresham House plc; and assisted by a legal team from Devonshires.
Antoine Pesenti, Head of Capital Markets at TradeRisks, said:
We are pleased to have supported Apex on this private placement, which will allow the company to continue developing much-needed affordable and environmentally friendly homes across Northern Ireland. The fundraising attracted significant interest from lenders, and we continue to see strong investor appetite for housing associations.
Julian Barker, Partner at Devonshires, said:
We are delighted to have worked with Apex for the first time on this exciting and highly successful transaction. This important transaction is a fantastic development that will see more affordable housing built in Northern Ireland. We are proud to have assisted the team in making this happen.