Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has completed a £130 million debt investment with Raven Housing Trust (Raven), which will be used to finance the development of 630 homes by 2026.

58% of the homes will be for social or affordable rent and 30% will be for Shared Ownership accommodation.

PIC has invested £3.3 billion in social housing across the UK since 2012 and was chosen as sole lender following a full market tender due to its flexibility on maturity and deferral capabilities.