PIC backs Welsh housing association

Pension Insurance Corporation has agreed a £37.5m loan backing housing association Wales and West Housing. The finance will support the housing association’s investment to deliver 2,500 new homes over the next five years. It is PIC’s third debt deal backing social housing in Wales and brings the total invested to more than £200m. Wales and West manages around 12,000 homes in 15 local authorities. The finance has been split into three tranches, with drawdowns in 2021 and 2022, with the entire loan maturing in 2060. Eugenia Korobova, debt origination manager at PIC, said: “The investment backs our long-term pension liabilities, while having the beneficial outcome of putting PIC’s capital to use in parts of the economy where funds are vitally needed.”   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette