The funding will be drawn in stages at a low 30-year fixed rate of 2.84%.

Port of Leith Housing Association has ambitious plans to support the continued regeneration of Leith and north Edinburgh, creating brilliant communities that people want to live in.

Developments already underway include 104 affordable homes at Granton Harbour (58 mid-market rent and 46 social rent) and 82 affordable homes at Ocean Drive (41 mid-market and 41 social rent), 51 social rent homes at Shrubhill and 13 mid-market rent homes at Bonnington Mill.

An additional 409 homes are in the pipeline, including a further 180 homes at Granton Harbour (107 mid-market rent and 73 social rent) and 229 other developments in Leith and north Edinburgh.

Heather Kiteley, director of finance & corporate services at Port of Leith Housing Association, said: “We are pleased that Scottish Widows responded so positively to our ambition to address the high demand for the creation of a range of affordable homes in thriving communities. Having secured historically low fixed rate terms puts us in a strong and secure position to give several hundreds of people the priceless security that comes with having a great, affordable place to call home.

“It has been a pleasure working on this opportunity with Scottish Widows and with our treasury advisers, Link, and legal advisors, Harper Macleod.”

Gavin Reid, associate director at Scottish Widows, added: “We are thrilled to have structured a funding solution that supports Port of Leith Housing Association’s strategy to deliver more affordable homes, while providing high-quality cashflows to match our pension liabilities. We look forward to seeing these plans come to fruition in the coming years.

“We have now invested in excess of £3.6bn in this sector as part of our ongoing commitment to the UK’s social housing sector.”