M&G lends £60 million to Jersey’s largest independent housing association to support development and renovation of social housing

London, 11 December 2024 – M&G Investments has provided £60 million to The Jersey Homes Trust (JHT), the largest independent housing association in Jersey1. The funding will allow JHT to refinance existing debt on more favourable terms, including access to long-term funding. The deal enables JHT to continue its mission of providing social rented accommodation for the people of Jersey.

JHT, a not-for-profit organisation, addresses social housing needs in Jersey where more than 700 people are on the waiting list for social housing. Set up in 1995 to provide social rented homes for Island residents, JHT now owns and manages over 800 homes spread over 24 estates¹. Having successfully constructed a portfolio of over 750 homes since its inception, JHT aspires to repeat this level of development over the next 15 to 20 years. M&G’s funding will enable the trust to maintain a healthy cash flow for reinvestment into Island housing stock for the next 25 years, ensuring that the properties meet their high-quality standards and are more energy efficient.

A pioneer in private credit, M&G has been investing in social housing since the 1980s. Due to the regulatory changes since the financial crisis, banks have reduced lending to the sector. Therefore, M&G has become one of the largest alternative lenders to the sector, with an exposure of nearly £5 billion on behalf of its pension fund and insurance clients.

Maria Redondo, Director Private Credit, M&G said: “We are proud to provide £60 million to the Jersey Homes Trust, an organisation that has played such an important role in its community for the past 30 years. Long-term, patient capital from our institutional clients will enable them to continue to provide solutions addressing the need for social housing in Jersey.”

Phil Le Cornu, Chair of JHT, adds: “The JHT worked with a small team of advisers - Colliers Debt Advisory, DLA Piper and Ogier - to support the Trust in implementing the new funding arrangement, which was provided by M&G Investments. We are grateful for the expertise and hard work of everyone, who each played their respective part in bringing this milestone project to fruition. It will not only consolidate the work of the JHT within the Island community but secure its significance as a long-term provider of social housing in Jersey.”

Download a PDF of the release

Media enquiries

George Greenstreet

Media Relations

+44 (0)7900 511020

[email protected]

Notes to Editors

¹https://www.jerseyhomestrust.org.je/about-us

OpenAbout M&G Investments

M&G Investments is part of M&G plc, a savings and investment business that was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G, its wholly owned international investment manager. M&G plc listed as an independent company on the London Stock Exchange in October 2019 and has £346.1 billion of assets under management (as at 30 June 2024). M&G plc has customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.

For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes, and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi-asset, cash, private debt, infrastructure, and real estate.

M&G recognises the importance of responsible investing and is a signatory to the United Nations Principles for Responsible Investment (UNPRI) and is a member of the Climate Bonds Initiative Partners Programme.

M&G plc has committed to achieve net zero carbon emissions on its total book of assets under management and administration by 2050 and committed to reduce operational carbon emissions as a corporate entity to net zero by 2030.

M&G plc has committed to achieve net zero carbon emissions on its total book of assets under management and administration by 2050 and committed to reduce operational carbon emissions as a corporate entity to net zero by 2030.

For more information, please visit: www.mandg.com

This press release reflects the authors’ present opinions reflecting current market conditions; are subject to change without notice; and involve a number of assumptions which may not prove valid. It has been written for informational purposes only and should not be considered as investment advice or as a recommendation of any particular security, strategy or investment product. Past performance is not a guide to future performance.

Information given in this document has been obtained from, or based upon, sources believed by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents.
Issued by M&G Investment Management Limited (unless stated otherwise), registered in England and Wales under number 936683, registered office 10 Fenchurch Avenue, London EC3M 5AG. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority.

M&G Securities Limited: Terms and Conditions for downloading Photographic material

1. Introduction

Welcome to the myM&G campaign landing page (the "Website"). The Website is operated by M&G Securities Limited (“M&G”, “we”, “us” or “our”). By accessing or using the Website and downloading any photographs, images, graphics, or any other visual content available for download or stored on the Website or M&G’s content management system (the “Photos”), you (“You”) represent to have read, understand and agree to comply with and be bound by these Terms and Conditions (the "Terms"), forming a binding agreement between You and us. If You do not agree to these Terms, please do not use the Website.

2. Intellectual Property Rights

All Photos available on the Website are the property of M&G or its licensors and are protected by copyright, trade mark, and other intellectual property laws. Unauthorised use of any Photos or content is strictly prohibited.

3. Permitted Use

Subject to your compliance with these Terms, M&G grants You a limited, non-exclusive, non-transferable, and revocable licence to download and use the Photos available on the Website for any purpose, except for purposes which are defamatory, derogatory, related to pornography, otherwise indecent, or involve the creation or dissemination of AI-generated “deep fake images”. Photos can only be downloaded from the hidden URL provided in the press release.

4. Additional prohibitions

You agree that You will not:

(a) modify, alter, or create derivative works from the Photos;

(b) use the Photos in any manner that infringes on the intellectual property rights of M&G or any third party;

(d) share the hidden URL with any unauthorised third party.

5. Attribution

When using the Photos, You must provide appropriate credit to M&G by including a link to our Website or mentioning the source in a manner that is reasonable and customary.

6. Disclaimer of Warranties

The Photos on the Website are provided “as is” without any warranties of any kind, either express or implied. M&G does not warrant that the Photos will be error-free or that your access to the Photos will be uninterrupted.

7. Limitation of Liability

In no event shall M&G be liable for any direct, indirect, incidental, special, or consequential damages arising out of or in connection with the use of the Photos, even if M&G has been advised of the possibility of such damages. As the Photos are provided free of charge, M&G's total liability to You for any damages, losses, and causes of action shall not exceed the amount paid by You for accessing the Photos, which is nil.

8. Indemnification

You agree to indemnify and hold harmless M&G, its affiliates, and their respective officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, and expenses arising out of or in any way connected with your use of the Photos.

9. Changes to these Terms

M&G reserves the right to modify these Terms at any time. Any changes will be effective immediately upon posting on the Website. If a "click to accept" mechanism is not implemented, You will be notified of changes to the terms via email or a prominent notice displayed on the Website. Your continued use of the Website after any changes constitutes your acceptance of the new Terms.

10. Governing Law

These Terms shall be governed by and construed in accordance with the laws of England and Wales, without regard to its conflict of law principles. Any disputes arising out of or in connection with these Terms, including any questions regarding their existence, validity, or termination, shall be subject to the exclusive jurisdiction of the courts of England and Wales.

11. Contact Information

If you have any questions or concerns about these Terms, please contact us at [email protected].

2025 apprenticeships open now

Reframing later life