PIC invests £40 million in Eildon Housing Association

The funds will be used to support Eildon’s development plan, under which they are building 750 new homes by 2021. This is the first private placement PIC has done with a Scottish housing association.

Eildon has been supported in securing the deal by Santander Corporate and Investment Banking, legal advisors Harper Macleod with additional advice from QMPF. Investor legal advice was provided by Devonshires/Brodies and valuation support undertaken by JLL.

The 35-year private placement will be drawn down in two stages over the next two years.

Liz Cain, senior debt origination manager at PIC, said: “This is our first private placement investment with a Scottish Housing Association, and we are very pleased to have worked with the team at Eildon to complete it. We were impressed with their strategic focus, standards of governance and long term approach.”

Tony Fordham, head of private placements at Santander, said: “Santander has enjoyed a long relationship with Eildon and has supported them with committed lending since 2000. 

“We are very pleased to have facilitated a competitive private placement process, enabling Eildon to raise £40m from PIC, so they can continue with their programme of building affordable housing across the Scottish Borders. Investors were attracted to Eildon’s very sound financial performance and strong management team.”