Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces that it has completed a £75 million Private Placement on behalf of the Aviva UK Life annuity business with settle, the not-for-profit housing association which manages over 9,000 properties across Bedfordshire and Hertfordshire.
It is the second Private Placement that Aviva Investors has made into the social housing sector in the past month, having entered into a £60 million, 30-year financing agreement with South Wales-based Coastal Housing Group in July.
Spanning 30 years and including deferred funding tranches at 12 and 24 months, the facility will help settle in advancing its environmental, social and governance agenda, including the commitment for all properties to meet ‘EPC C’ standards or better by 2025. The financing will also help the Group meet its 2024 goal of at least 1,500 new homes, including a targeted focus on shared ownership to meet the current supply shortage of affordable homes in the region. It also continues Aviva Investors’ focus on generating long income exposure, which provides cashflows to back the liabilities commitments of its institutional client base.
Source : Company