TradeRisks arranges £100m private placement to support Northern Ireland social housing
TradeRisks, a specialist provider of debt structuring and advisory services to the infrastructure sector and part of Gresham House plc, has secured a £100m private placement for Apex Housing Association (Apex), one of the leading housing associations in Northern Ireland.
Apex will use the funds, provided by specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), to refinance short-term debt facilities and to develop approximately 1,500 new high-quality affordable homes across Northern Ireland. The homes will include additional energy-efficiency features, such as solar panels, to ensure high environmental standards.
The notes were priced at a competitive spread over the benchmark gilts and include 12 and 24-month deferred tranches. TradeRisks acted as sole advisor and arranger to Apex for the private placement.
TradeRisks has arranged or negotiated more than £20 billion of funding over the past 20-years. Following its acquisition in March 2020 it has become part of the Gresham House Group.
Antoine Pesenti, Head of Capital Markets at TradeRisks, says: “We are pleased to have supported Apex on this private placement, which will allow the company to continue developing much-needed affordable and environmentally friendly homes across Northern Ireland. The fundraising attracted significant interest from lenders, and we continue to see strong investor appetite for housing associations.”
Roderick Canning, Finance Director at Apex Housing Association, adds: “We are delighted to have secured our first private placement to support our development programme over the coming years. With strong investor appetite, we were pleased to complete the transaction with PIC through TradeRisks. This investment will continue to support our growth strategy of providing high-quality affordable housing to those in need across Northern Ireland.”
Eugenia Korobova, Debt Origination Manager at PIC, says: “We are very pleased to have worked with Apex and TradeRisks on this transaction, which is our first housing association investment in Northern Ireland. The investment provides an attractive risk profile in an area of high demand for social housing. In addition, the maturity profile is well suited to our liabilities. The team at Apex impressed us with its expertise, knowledge and strong governance and we are delighted to continue our commitment to supporting social and affordable housing.”
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NOTES TO EDITORS
About TradeRisks
TradeRisks Ltd is a financial advisory firm and a specialist in arranging financing for infrastructure, housing and renewable energy projects across Europe and the US. TradeRisks has arranged or negotiated more than £20 billion of funding over the past 20 years. TradeRisks is part of Gresham House Group.
About Gresham House
Gresham House is a specialist alternative asset management group, dedicated to sustainable investments across a range of strategies, with expertise in forestry, housing, sustainable infrastructure, renewable energy and battery storage, public and private equity.
Founded in 1857, Gresham House is one of the oldest companies in London, while our focus is on the future and the long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage c.£6.5bn of assets (unaudited, as at 31 December 2021) on behalf of institutions, family offices, charities and endowments, private individuals, and their advisers. We act responsibly within a culture of empowerment that encourages individual flair and entrepreneurial thinking.