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Clúid purchase of Dublin apartment scheme is first acquisition in €54m Legal & General partnership

Cluid Housing

Clúid Housing has announced the acquisition of a 40-unit apartment development, Blackbanks View, in Raheny, Dublin. The €18.8m scheme is being delivered in partnership with LGIM Real Assets (Legal & General) and forms part of a larger €54m long-term financing agreement. The announcement sees Clúid welcome over 100 residents to their new homes.

Clúid is one of the largest approved housing bodies (AHBs) in Ireland and the first Irish AHB to secure a financing agreement of this scale with an international institutional asset manager. With a portfolio of over 8,300 homes across Ireland, Clúid is targeting the delivery of 3,000 new social homes before the end of 2022.


200 new social homes planned

In December 2020, LGIM Real Assets (Legal & General) announced that it had provided €54m in long-term financing to Clúid Housing, enabling Clúid to deliver more high-quality social homes and provide a socially useful home for pension fund capital.

The announcement sees the first of approximately 200 new social homes delivered as part of the financing agreement and is Legal & General’s first investment in the Irish social housing sector. Clúid’s acquisition of Blackbanks View also marks the arrival of long-term pension fund capital to the AHB sector.


Blackbanks View

Blackbanks View, developed by Dublin Loft Company (DLC), includes 11 one-bedroom, 24 two-bedroom and five three-bedroom apartments. The new homes have been allocated to people on Dublin City Council’s housing list. They are conveniently located close to social, educational, commercial, transport and recreational amenities, including St Anne’s Park and Bull Island.

An innovative organisation

Speaking about the importance of the deal, Fiona Cormican, New Business Director, Clúid, said: “Clúid Housing is committed to delivering good quality social housing, and we are delighted to partner with Legal & General to deliver Blackbanks View. This new financing agreement provides a means for Clúid to scale up our ambitious targets and deliver homes for the most vulnerable in our society.

“We pride ourselves on being an innovative organisation, and by diversifying our funding models, we are achieving greater value for money without compromising the quality of the homes we deliver to our residents.”


LGIM Clúid partnership

Steve Bolton, Head of Corporate Debt, Europe, LGIM Real Assets, said that the company is delighted to continue to expand its business in Ireland, as well as its investments in affordable housing, bringing much needed long-term pension fund capital to the sector.

“The delivery of these new homes demonstrates the continued momentum of LGIM Real Assets’ partnership with Clúid,” Steve Bolton comments. “Since announcing the financing in December 2020, Clúid has already delivered the first tranche of new social homes and welcomed over 100 residents. Aligned with our social purpose, we have invested over £1.5bn to date in affordable housing across the UK and now Ireland. It’s very rewarding to see the tangible impacts that this kind of investment has, and our investment with Clúid is a testament to this – it matches our extended liabilities and delivers real economic growth and social value.”

Clúid Housing greening strategy

Clúid is also poised to launch its first greening strategy this year, and Blackbanks View is an example of the body’s commitment to a greener future.

Fiona Cormican adds: “The purpose of our new greening strategy is to set a clear direction for Clúid over the next decade as we work to reduce our environmental impact, contribute to Ireland’s emission reduction targets, and help create a sustainable future for all. The greening strategy sets out our commitment to playing a part in this vital climate action work, and I am pleased to confirm that Blackbanks View has been awarded an impressive BER (Building Energy Rating) of A2.