PIC completes further £30m debt investment in Apex Housing Association

Written by Adam Cadle

19/02/2024

PIC has completed a further £30m debt investment in Apex Housing Association, following an initial investment of £100m with Apex completed in 2021.

PIC’s other investments in Northern Ireland include the £55 million invested in Clanmil Housing Association.

The investment will support the development of 300 to 400 new homes per year as part of Apex’s long-term strategy. The new homes funded by the investment will be extremely energy efficient. Apex intends all new homes to have a minimum EPC rating of ‘A’ from 2024.

To date, PIC has invested over £3bn in social housing across the UK. PIC has supported the social housing sector in all four countries of the United Kingdom, making its first investment in the sector in 2012.

Celia Franch Lopez, debt origination manager at PIC, said: “We are very pleased to have worked with Apex Housing Association on this transaction, and to be able to help them create social value within 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. This investment complements our portfolio, providing low risk, long-term, secure cashflows that match our pension liabilities for decades into the future.”

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