U.K. insurance company to invest £100m in East Midlands Housing Group

Pension Insurance Corp. (PIC), an insurance company in the United Kingdom, is investing £100 million ($124 million) of debt funding in East Midlands Housing (EMH) Group, one of the largest providers of affordable homes and care and support services in England’s East Midlands area.

According to PIC, the senior, secured, private placement will be used to develop 2,600 properties by the end of 2023. PIC is the only investor in the development. The financing will be split into three disbursements, which are scheduled to mature in 2052, 2054 and 2059.

“PIC’s expertise in structuring the funding arrangement has allowed us to closely manage our costs,” said Andrew Kilby, executive director of finance at EMH Group in a statement. “This funding enables us to provide hundreds of people with the security that comes with having a roof over their heads.”

PIC has committed more than £1.5 billion ($1.9 billion) in the social housing sector to date.