Debt owed by Andium Homes

WQ.8/2026

WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES

BY DEPUTY M.B. ANDREWS OF ST HELIER NORTH

QUESTION SUBMITTED ON MONDAY 26th JANUARY 2026

ANSWER TO BE TABLED ON MONDAY 2ND FEBRUARY 2026

Question

"Further to the response to Written Question 174/2025, regarding debt owed by Andium Homes, will the Minister –

1. advise the outstanding debt owed by Andium Homes as at the end of 2025;
2. provide details of any proposed borrowing for future years; and
3. advise whether she remains satisfied that the necessary assessments are being regularly undertaken by the Andium Board to monitor financial viability?"

Answer

1. The outstanding debt, all of which is unsecured, as at the end of 2025 was as follows: -

• £227.4m from the States of Jersey Housing Development Fund

• £100m from the Private Placement arranged in November 2024

• £159.5m from the Revolving Credit Facility (RCF) arranged in 2020 and amended and extended in December 2025. Andium has the capacity on the RCF to drawdown to a maximum of £300m with an optional agreement in place to extend that by a further £75m.

As at the end of 2025, Andium Homes had property assets valued at £1,457m. The total of £486.9m of drawn debt as at the end of 2025 represents gearing of 33%.

2. Andium maintains a 40-year business model to ensure that their strategic business plan can be delivered in a financially sustainable way, including funding the supply of new social rented and affordable homeownership opportunities through borrowing. Importantly, the level of borrowing is reduced through the income received from the sale of some of their existing homes through the Andium Homebuy scheme. The scheme offers Islanders an opportunity to purchase their own home where they would likely otherwise be unable to do so.

Andium's projected borrowing profile is determined by their anticipated development programme. This programme continuously evolves to meet the housing needs of the Island and policy objectives of the Minister for Housing.

Below is an indicative projection of borrowing, based on the programme of investment in Andium's latest Strategic Business Plan:

3. As outlined in my previous response, Andium regularly assesses its financial position to ensure it remains financially stable, by projecting its cash flows over a 40-year period. These projections are then stress tested for the impact of, for example, changes in the rental and sales market, inflation and interest rates. It is the responsibility of the Andium Board to monitor financial viability and debt levels in accordance with their own risk appetite, and I remain satisfied that the necessary assessments are being regularly undertaken.