Game changer funding solution opens the door to an additional 3000 housing units per annum in the social and affordable sector
DFinitive Capital in conjunction with international law firm Addleshaw Goddard (AG) jointly hosted a funding seminar (27th March 2025) for the larger Irish AHBs, Accessing Diversified Long-Term Funding – the next phase for AHBs, at AG’s Dublin office.
The event was an opportunity for AHBs to hear how DFinitive Capital will provide a route to long-term debt finance for Social and Affordable Housing, to complement public investment and existing funding arrangements.
The Government’s Housing for All plan, originally published in September 2021 recognised that “Non-State sources of funding will be crucial to the long-term success of Housing for All. International capital markets and private investment, both domestic and international, will play a key role.”
DFinitive Capital’s Financial Aggregator vehicle, Doras Funding DAC, will diversify the funding available for social and affordable housing, opening the door for AHBs to established institutional debt investors, including insurers, pension funds and asset managers already familiar with and significantly invested in social and affordable housing in other locations.
Attendees also heard from Priya Nair, the Chief Executive of The Housing Finance Corporation (THFC), the UK’s leading affordable housing Aggregator. THFC issues long-term bonds in the Sterling capital markets and on-lends the proceeds to Housing Associations.
The DFinitive Capital team has extensive debt capital markets experience and is working with and utilising the expertise of Addleshaw Goddard, Moody’s Investors Services, M&G Trustee Company, US Bank Group and Waystone Management Company, to bring a comprehensive responsible capital markets funding alternative to the Social and Affordable Housing sector in Ireland
Speaking at the seminar,
Paul Somers Chief Executive of DFinitive Capital, said:
“Our funding solution for Approved Housing Bodies is a game changer, it opens the door to established and responsible providers of long-term debt finance to meet social and affordable housing needs. We know these institutions from our extensive investor relations engagement over the years. Working with well-regarded market experts and support service providers will enable us to deliver a comprehensive funding solution for the larger Irish AHBs. The funding we put in place will allow these AHBs to diversify their funding and to deliver on the housing needs of Irish society.”
Priya Nair, Chief Executive, The Housing Finance Corporation, emphasised:
“The scale of the challenge requires partnerships. What we are doing is foundational in every sense. It’s about more than just bricks and mortar, it’s about social cohesion, social responsibility and sustainability as we seek to create a positive impact in all that we do. That remains our ‘North Star.’’’
John Kearns, Partner, Finance at Addleshaw Goddard, Dublin, commented:
“ We are delighted to be working with DFinitive Capital and others on this exciting new initiative to bring new and diversified long term funding to Irish AHBs.’’
John Hannigan, CEO, Circle VHA, welcomed this development:
“ DFinitive Capital’s initiative is a welcomed and much needed funding option for AHBs, complementing existing sources of finance whilst bringing real funding diversification into play. The team at DFinitive Capital has the experience and expertise to make this work for all of us.”
Doras Funding DAC, a Section 110 Special Purpose Vehicle (SPV), is ownership remote from DFinitive Capital with corporate services (governance, administration, risk and compliance services being provided by Waystone Management Company as required).
DFinitive Capital notes that there is a senior debt funding requirement of at least €5bn per annum for the delivery of social and affordable housing over the next ten years, outside of government financial support. DFinitive Capital envisages that it can initially deliver up to €1.5bn per annum of that senior debt requirement from the capital markets, allowing for the provision of 2,500 to 3000 social and affordable housing units per annum.
Contact details
Paul Somers – DFinitive Capital John Kearns – Addleshaw Goddard
[email protected] [email protected]
+353 86 836 1449 +353 87 032 3406
John Whelan – Communicate Ireland
+353 87 250 9663
Notes for Editors
- Doras Funding DAC raises debt finance through the issuance of public and private bonds to institutional investors which it then on-lends to larger AHBs.
- Section 110 references S.110 of the Taxes Consolidation Act 1997.
- Section 110 companies are routinely established in Ireland for the purpose of facilitating a number of transaction types with different commercial, regulatory or investment objectives. While Section 110 companies cannot directly hold property assets such as land and buildings, they can hold loans and other financial assets that derive their value from Irish land and buildings, such as mortgages on Irish houses (Department of Finance website – The role of the Section 110 regime).
- Section 110 companies are obliged to report quarterly data to the Central Bank of Ireland under S.18 of the Central Bank Act 1971 (Central Bank website – Special Purpose Vehicles).
- DFinitive Capital acts as the Programme Manager to co-ordinate and manage this new funding initiative for AHBs.