Phoenix Group invests £90 million in affordable housing

Phoenix Group, the UK’s largest long-term savings and retirement business, has provided £90 million of long-term funding through a private placement to Alliance Homes, a regulated social housing provider. This takes Phoenix’s UK social housing holdings to above £2.5 billion.

The investment will support Alliance in developing around 2,000 affordable homes over the next 10 years. Part of the funds will be used to improve the sustainability of Alliance’s current housing stock by improving the energy performance certificate (EPC) rating for all homes to a C or better.

Phoenix was chosen as lead investor with funding provided through Macquarie Asset Management, a key asset management partner.

James Holkham-Coates, investment manager, Phoenix Asset Management, said: “We are delighted to have provided Alliance with £90 million of funding to support its development programme in North Somerset and its decarbonisation ambitions. This investment further underlines Phoenix’s commitment to help tackle the UK’s housing crisis and support the levelling up of the whole of the UK in a sustainable manner.”