Phoenix Group, Europe’s largest life and pensions consolidator, announced today that it has completed a £50 million private placement with A2Dominion Housing Group (“A2Dominion”). The funds will be used by A2Dominion to refinance maturing secured debt and progress with new opportunities to provide more social and affordable housing. The transaction provides regular cash flows to match Phoenix’s longer-dated pension liabilities.

Key features of the transaction:

• Maturity profile extending to year 2045
• Deferred drawdown, reducing the cost of carry for the borrower
• Debt is secured on housing assets

A2Dominion manage 37,000 homes across London and southern England. They are part of the g15, a group of the largest social housing providers in London. They build award-winning affordable, private, and social rented homes, student, NHS and temporary accommodation, as well as supported housing and homes for older people.

Phoenix Group’s Head of Financial Management Group, Scott Robertson, said, “We are delighted to be supporting A2Dominion’s strategic plans to deliver more homes in southern England. This transaction provides long-term funding tailored to A2Dominion’s development plan as well as providing a high quality stream of cash flows to match our pension liabilities. Our strategic partner Aberdeen Standard Investments has supported us throughout this transaction, which is an excellent addition to our private investments.”

Dean Tufts, A2Dominion’s Executive Director (Finance & Strategy), said “This long-term funding further demonstrates the prudent and forward looking financial strategy we have in place at A2Dominion. We are pleased to have worked with Phoenix to agree new funding with a deferral period, and will continue to look for similar opportunities to support our aim to provide high quality homes and invest in local communities.”

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Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Darcy Lillie
Media Relations Consultant
Phoenix Group
020 3735 0102 / 07814 773 280
darcy.lillie@thephoenixgroup.com

Notes to editors

Phoenix Group is a European life consolidator, specialising in the acquisition and management of closed life insurance and pension funds – known as heritage books. Phoenix is the largest consolidator of heritage life insurance books in Europe but also runs an open book underpinned by a strategic partnership with Standard Life Aberdeen. The Group is a member of the FTSE 250 index, and has over 10.4 million policyholders and £240 billion of assets under management – including the recently acquired Standard Life Assurance business. With operations in the United Kingdom, Ireland and Germany, the Group has four operating life companies which hold policyholder assets, and a distribution business, SunLife Limited.