The investment manager in charge of the government’s £3bn Affordable Homes Guarantee Scheme (AHGS) has appointed a director to lead on social housing loan investments.
The AHGS is intended to support the delivery of around 17,000 new affordable homes in England (picture: Getty)
Oriane Auzanneau will join ARA Venn as director and deputy portfolio manager from M&G Investments, where she spent 12 years in corporate lending and was most recently a director in its social housing team, originating and underwriting loans to the sector.
Saltaire Housing, a wholly owned subsidiary of ARA Venn, was revealed by Social Housing in the summer to be preferred bidder to deliver the AHGS and provide £3bn of long-term loans of up to 30 years to providers developing new affordable homes in England. The appointment was confirmed in October.
ARA Venn is the investment manager to Saltaire, responsible for establishing and managing the scheme. This role includes originating, underwriting and the ongoing management of the loans, and developing and managing a government-guaranteed bond programme to efficiently fund them.
Under the AHGS, loans of at least £5m will be secured against existing affordable housing assets charged to the lender. The borrower will commit to developing “approved pipeline schemes” identified from its development pipeline that will deliver new build affordable homes.
The scheme is intended to support the delivery of around 17,000 new affordable homes in England.
Last month, former housing minister Mark Prisk was named as chair and non-executive board member of Saltaire.
Commenting on the latest appointment, Richard Green, partner and portfolio manager of the scheme at ARA Venn, said: “We are thrilled to welcome Oriane to the team. She brings great experience of lending in the social housing sector and her passion will help drive our social housing strategy.”