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We are delighted to announce that Phoenix has secured £60million investment from Pension Insurance Corporation (PIC) plc to fund 200 new homes in the area, and unlock the potential for significantly larger scale development in the area over the coming years.
The agreement with PIC – a specialist insurer of defined benefit pension funds – includes the refinancing of existing debt and removal of restrictive covenants to enable us to expand our development programme and help address the shortage of housing in Lewisham.
The news follows the completion of our first residential development – a 60-home extra care scheme at Hazelhurst Court, by Beckenham Hill Station which has been shortlisted for the Royal Institute of British Architects (RIBA) Awards 2018. We have since started work on three other housing developments.
Over the coming months Phoenix will be consulting residents and other stakeholders in the community on future development plans – the best locations for new housing, along with the type of homes and architectural design that people would like to see in the area.
Director of Finance at Phoenix Community Housing, Chris Starke, said: “We’re delighted to have secured this funding from PIC to deliver more of the new homes that Lewisham desperately needs, and we look forward to working with them as an investment partner. We’re very excited to embark on a much larger development programme that meets the current and future needs of our area.
“As a housing association that’s led by our residents, we now want to work with the community across south Lewisham to ensure that we are delivering the right kind of homes in the right locations. We look forward to talking to people and listening to their views over the coming weeks and months.”
Marno Jooste, Debt Origination Manager at PIC, said: “It has been a pleasure for us at PIC to deal with the team at Phoenix. We are proud to be able to help them develop their social housing stock, whilst at the same time securing the pensions of our policyholders.”