Macquarie Asset Management makes £100 million debt investment in Places for People

Macquarie Asset Management, on behalf of its institutional clients, has provided £100 million in debt financing to not-for-profit housing association, Places for People.

Places for People is one of the UK’s largest social housing providers, owning and managing approximately 262,000 homes across England and Scotland. This includes around 78,000 regulated social and affordable homes, alongside approximately 185,000 non-social housing assets, such as market rent homes, leased properties, managed services and purpose-built student accommodation. The Group is one of the UK’s largest social enterprises and is committed to delivering high-quality, affordable housing and services that support communities across the UK.  

The transaction comprises an eight‑year unsecured private placement bond, issued under Places for People’s Euro Medium‑Term Note Programme, with a bullet maturity profile. Proceeds from the issuance of the notes will be applied towards refinancing, enhancing the group’s balance sheet flexibility and extending its debt maturity profile. 

Gareth Edwards, Head of Secure Income EMEA at Macquarie Asset Management, said: “Places for People has deep expertise in social housing, a strong reputation in the sector, and close links with the communities it serves. In a volatile market environment, we were pleased to work closely with the team to deliver an expeditious refinancing solution, providing certainty and flexibility within their wider funding programme. This supports Places for People’s ability to continue investing in existing homes and to deliver more high‑quality, affordable housing over time, and we look forward to building on our relationship in the future.”

Baljit Singh, Head of Treasury at Places for People, said: “We’d like to thank the wider Macquarie Asset Management team for their support throughout this process. In a challenging market, working with a new investor is crucial, allowing us to form partnerships that sustain our continued investment in communities. The funding further strengthens the resilience of our financing programme and reinforces our commitment to investing in our existing homes, enhancing services for our customers, and delivering much needed, high quality affordable housing across our communities. We look forward to building our relationship with Macquarie as we continue our long-term mission to be recognised as one of the UK’s leading social enterprises, changing lives by creating, managing, and supporting thriving communities.”

Places for People has strong ESG credentials, supported by annual sector-aligned reporting and a long‑standing G1 governance rating from the Regulator of Social Housing. It was the first Registered Provider with more than 40,000 homes to achieve the Regulator’s top consumer standard rating (C1), reflecting robust compliance with consumer standards.¹ The Group also has clear environmental targets and strong performance to date, including high EPC ratings across its portfolio and new build homes, alongside a commitment to achieving Net Zero emissions by 2050.

Macquarie Asset Management, the world’s largest infrastructure asset manager², has significant experience in the social sector, working in close partnership with local authorities and housing associations across Europe. Macquarie Asset Management’s Credit & Insurance offering provides debt solutions, which have included support for the City of Westminster’s acquisition of temporary housing and the funding of new and upgraded facilities for NHS Trusts across the UK. In total, the Credit & Insurance division has deployed in excess of €2 billion of debt to support social housing providers and local authorities across the UK and Europe.

1. Regulator of Social Housing, 28 Jan 2026, https://www.gov.uk/government/publications/regulatory-judgement-places-for-people-group-limited/places-for-people-group-limited-l4236-regulatory-judgement-26-march-2025
2. IPE Real Assets July / August 2025