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Major investor loans £60m to Jersey landlord
Investment giant M&G has lent £60m to a Jersey-based social landlord to enable it to refinance its debt on better terms and develop new housing.
The Jersey Homes Trust (JHT) said the refinancing will give it access to long-term funding and support its goal to build around 750 homes over the next 15 to 20 years.
JHT said the funding from M&G would also allow it to “maintain a healthy cash flow for reinvestment into island housing stock for the next 25 years”, making sure properties are high quality and energy efficient.
Philip Le Cornu, chair of JHT, said the landlord worked with advisors from Colliers Debt Advisory, DLA Piper and Ogier to secure the new financing.
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“We are grateful for the expertise and hard work of everyone, who each played their respective part in bringing this milestone project to fruition,” Mr Le Cornu said.
“It will not only consolidate the work of JHT within the island community, but secure its significance as a long-term provider of social housing in Jersey.”
The 800-home landlord was set up in 1995 to provide homes for social rent and has built a portfolio of more than 750 homes since then.
According to the latest figures from 31 December 2024, there are 732 people on the waiting list for social housing in Jersey.
Maria Redondo, director – private credit at M&G, said: “We are proud to provide £60m to JHT, an organisation that has played such an important role in its community for the past 30 years.
“Long-term, patient capital from our institutional clients will enable them to continue to provide solutions addressing the need for social housing in Jersey.”
M&G has an exposure to the social housing sector of nearly £5bn on behalf of its pension fund and insurance clients.
In March, it invested £30m in equity into Greencore Homes, a modular house builder specialising in low-carbon and energy-efficient development.
M&G also registered a for-profit shared ownership subsidiary, M&G UK Shared Ownership, in 2020.
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