A couple of weeks ago I posted an article about overseas investment soaring in the North West, this point isn’t just isolated to the private sector. Hong Kong funders have provided HK700m to Places for People’s (PfP) affordable housing business.
PfP raised the money – equivalent to around £70m – in two transactions last week, marking the latest step in its long-standing strategy to diversify its funder base.
“These trades have been motivated by the continuing diversification of Places for People’s investor base, and reflect the growing interest from Asian investor markets.”
PfP has been raising money from US investors since 2009 and became the first housing provider to raise money in Euros in 2016.
In 2015, Notting Hill Housing Trust took a ¥5bn private placementfrom Japanese investor, directly into its shared ownership subsidiary.
Exciting times for all, it’s very encouraging to see such a diversification of investors and investments.
The money was raised through Places for People Treasury – its recently-created funding vehicle – via the group’s £1.5bn unsecured Euro Medium Term Note (EMTN) programme.