PIC ploughs £65m into Welsh housing association

Pension Insurance Corporation has agreed a £65m loan to Welsh housing association Pobl. The Stockport-based organisation will use the finance to support a two-year development programme. The finance is split into two tranches, with an initial £15m spot funding maturing in 2041 and £50m drawn down in 2021 and maturing in 2059. Pobl aims to develop 10,000 new homes in 10 years. It currently has a portfolio of more than 17,000 homes under management in South Wales. The new homes will be up to 40% more energy-efficient than the national average. The loan is Pobl’s second from PIC, following a £35m deal in 2013. To date, PIC has committed more than £2bn into social housing in the UK. Eugenia Korobova, debt origination manager at PIC, said: “The management has a clear strategy and rationale to make their plans achievable… In addition, we have been impressed by Pobl’s focus on the need to address ESG-related risks, and their plan to have very energy efficient homes.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette Image © Pobl Group