The Welsh Housing Partnership has successfully completed a note purchase agreement with the Pension Insurance Corporation. Ian Williams, chairman of The Welsh Housing Partnership, said “We are delighted to work with PIC on this funding package and appreciate their willingness to provide long- term funding for something which is not traditional social housing”.
Devonshires Banking Partner, Julian Barker, said “It has been a pleasure to advise an innovative and progressive organisation like The Welsh Housing Partnership on securing this investment that strengthens its future growth and development objectives to help meet the needs of the Welsh social housing sector”.
The Welsh Housing Partnership is supported by the Welsh Government and comprises four housing associations: Hendre Group, Pobl Group, Coastal Group and Grwp Cynefin. The purpose of the partnership is to increase the provision of quality affordable homes across Wales. Since its inception in 2011, the organisation has grown to own just under 1000 homes.
The transaction provides the partnership with almost £93,000,000 of secured debt delivered in two tranches that will mature in 2033. The transaction also involved refinancing some existing debt.