Housing association in Northern Ireland secures £30m private placement

Apex, which is regulated by the Department for Communities, part of the Northern Ireland Assembly, delivers properties with a range of tenures, with a focus on general needs accommodation but also including supported housing, housing for vulnerable groups and support services for tenants.

Apex previously secured £100m in funding from PIC in 2021. The funder’s other investments in Northern Ireland include £55m invested in Clanmil Housing Association.

To date, PIC has invested more than £3bn in social housing across the UK. PIC has supported the social housing sector in all four countries of the United Kingdom, making its first investment in the sector in 2012.

Roderick Canning, finance director at Apex, said: “We are delighted to have secured this transaction with PIC to continue our development programme over the coming years.

“PIC is a valued partner following our initial transaction in 2021 and having the opportunity to work again with a team that has such a strong understanding of the social housing sector makes for an efficient and successful process. We valued PIC’s flexibility, including the ability to defer drawdown.”

Celia Franch Lopez, debt origination manager at PIC, said: “We are very pleased to have worked with Apex Housing Association on this transaction, and to be able to help them create social value within 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. This investment complements our portfolio, providing low-risk, long-term, secure cash flows that match our pension liabilities for decades into the future.”

TradeRisks acted as sole arranger and dealer on behalf of Apex for the deal.

Devonshires and Arthur Cox served as Apex’s legal advisors while Addleshaw Goddard worked as PIC’s legal advisor. CBRE conducted the funder’s valuation.