THE north's third-largest housing association Apex has been given a multi-million pound cash injection which will enable it to fast-track plans to build another 1,500 affordable homes.
Pension Insurance Corporation (PIC), a London-based specialist insurer of defined benefit pension funds, has made a £100 million debt investment with Apex to help it not only develop its property stock, but also to refinance existing debt.
PIC has so far invested more than £2 billion in social housing across the UK, but this is its first foray into the sector in Northern Ireland.
Apex Housing Association currently manages a stock of around 6,000 homes (more than half of which are in Derry), which will grow to 7,000 when its current planned programmes are completed.
Its business is housing and associated care and support services, and from modest beginnings more than half-a-century ago in Derry, it has grown into a substantial organisation with a geographical base across the island.
A not-for-profit housing association, Apex employs close to 700 staff throughout the organisation.
The proposed 1,500 new high-quality affordable homes, spread across the north, will include additional energy-efficiency features such as solar panels to ensure high environmental standards.
Roderick Canning, finance director at Apex Housing Association, 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 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. In addition, the maturity profile is well-suited to our liabilities.”
TradeRisks, which since March 2020 has been part of the part of the Gresham House Group, acted as sole arranger and dealer for the transaction.
