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PIC completes registration of for-profit affordable housing provider
Pension Insurance Corporation (PIC) has completed the registration of its for-profit affordable housing provider with the Regulator of Social Housing.
PIC completes registration of for-profit affordable housing provider #UKhousingPIC’s for-profit provider, named Verda Living, will allow the specialist insurer to own and operate affordable homes developed through its Habiko partnership with Homes England and house builder Muse.
Verda Living will also be able to acquire occupied affordable homes from non-profit housing associations.
The for-profit provider will be chaired by Nathan Warren and has appointed Helen Moore and Chyrel Brown as independent non-executive directors.
PIC has been active in the UK affordable housing market since 2012, lending £4bn of debt to housing associations.
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It said that launching Verda Living will allow it to take a “direct role” in the provision of social and affordable housing, working alongside developers and local authorities.
Verda Living is committed to delivering “high-quality, affordable and well-governed homes”, PIC said, providing stability for residents while maintaining “the highest standards” of financial resilience and regulatory compliance.
Residents will be at the “centre” of Verda Living’s approach, with “clear accountability” for service delivery and “responsive” engagement.
Hayley Rees, managing director of PIC Capital, said: “Verda Living will generate the secure, long-term cashflows needed to support our pension liabilities.
“Establishing Verda Living was a natural next step for PIC, as it enables us to play a more direct role in supporting the delivery of much-needed affordable homes across the UK.”
Rasheed Rahman, executive lead for Verda Living and head of affordable housing and real estate structuring at PIC, said: “Verda Living has been created to be a practical, delivery-focused partner for local authorities, developers and other stakeholders who are serious about bringing forward high-quality social and affordable housing.
“We combine long-term capital with a clear understanding of how homes are delivered and managed on the ground. Our focus is on working collaboratively to unlock schemes, manage risk sensibly and deliver homes that communities need.”
Habiko, PIC’s affordable housing partnership with Muse and Homes England, has announced its first three deals in Solihull, Chester and Warrington, with more sites coming this year.
The portfolio will be slanted to social rent, using grant from the new Social and Affordable Homes Programme, and PIC hopes to have homes built and occupied by 2029. Muse is reviewing some of its existing sites to see whether Habiko homes can be added.
In December, Inside Housing Living revealed that PIC had bought a build-to-rent scheme in Reading for £210m.
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