CKH said it will use the funding to further its growth plans, including the building of an affordable 315-home scheme in Northminster.

With its latest investment, Aviva said it has now invested close to £360 million in social housing providers across the UK this year.

Munawer Shafi, head of structured and private debt at Aviva Investors, said: “We are very pleased to have completed this private placement with CKH and to have increased our investment into the development of more social housing projects across the UK.

“Social housing remains an important area of investment within our private debt business, not only for the risk-adjusted returns it offers investors, but also its ability to create positive outcomes at a societal level.

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“It is this dual ability to provide robust cashflows whilst also having an impact within local communities which makes it an attractive area for us to increase our exposure to and our clients are, quite rightly, recognising its value and importance.”

Marcus Mollan, annuity asset origination director at Aviva UK Life, added: “As one of the UK’s largest insurers, we are aware of the power our investment activities can have.

“Therefore, we believe it’s vitally important we are able to access investments which will not only provide us with sufficient investment performance to meet ongoing liabilities, but that can also reflect our desire to have a positive wider impact, whether at a societal, environmental or sustainability level.

“We are pleased to further our support for the UK’s social housing sector and its continued provision of homes across the country.”