Andium Homes has secured £100 million to build more houses in Jersey.

In what is thought to be the first agreement of its kind for the island, the Social private placement will provide a cash injection for the construction of 250 homes within the next four years.

Private placement is a money-raising mechanism involving private investors - companies or organisations such as pension funds  - lend money for a fixed interest rate and duration. In this case, it bears the 'social' label as the proceeds will be used for to address a social issue, namely Andium's ambitious development programme to address the island's housing shortage,

Andium says there was strong interest from investors in the UK and North America in its debut issuance.

The £100m will be used to deliver new family homes om sites identified in the Bridging Island Plan.

Andium says it is 'actively engaged' with landowners and developers and hopes to deliver more than 250 new homes 'within the next four years'.

Lindsay Wood, Chief Finance and Operations Officer for Andium Homes said:

“We are delighted to have secured this additional funding, it’s a testament to the strength of Andium’s business model and our ability to adapt to the challenging market conditions, whilst continuing to deliver much needed new homes for Islanders."

Andium has delivered over 1,100 new homes since it incorporated 10 years ago, and has a further 619 new homes in construction.