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Phoenix Group invests $111m in affordable housing
Investors - JUNE 27, 2022

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Phoenix Group invests $111m in affordable housing

by Andrea Zander

Phoenix Group, the U.K.’s largest long-term savings and retirement business, has provided £90 million (€105 million/$111 million) of long-term funding by means of a private placement to Alliance Homes, a regulated social-housing provider. The transaction marks an increase in Phoenix’s U.K. social-housing holdings to more than £2.5 billion (€2.9 billion/$3.1 billion).

The investment by Phoenix will support Alliance in developing 2,000 affordable homes during the next 10 years to help address the U.K. housing shortage. Alliance will use part of the funds to improving the sustainability of its current housing stock by bringing all homes to an Energy Performance Certificate (EPC) rating of C or better.

The funding for the private placement, which was heavily oversubscribed through a tender process, was for a total value of £100 million (€116 million/$123 million) and will be drawn in tranches aligned with Alliance’s business needs, giving long-term certainty

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