THE Island’s social-housing provider is expected to see its borrowing surpass half-a-billion pounds by the end of this year, according to figures released by the Treasury Minister.
Deputy Elaine Millar released the figures in response to a written question from Deputy Max Andrews and confirmed that Andium Homes ended 2025 with £486.9 million of outstanding debt – all of it unsecured – and that total borrowing was projected to rise to £565 million by the end of this year.
At the end of last year, Andium’s debt comprised £227.4 million owed to the States of Jersey Housing Development Fund, £100 million from a private placement arranged in November 2024, and £159.5 million drawn from a revolving credit facility first agreed in 2020 and extended in December 2025.
Deputy Millar revealed that the revolving credit facility allows borrowing of up to £300 million, with an optional agreement in place to extend that by a further £75 million if required.
The social-housing provider has property assets valued at £1.457 billion – with the £486.9 million of drawn debt representing gearing of 33%, a commonly used measure that compares borrowing to asset value.
Deputy Millar said: “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.”
The Treasury Minister published projections showing borrowing was likely to increase further as development work continues.
Under Andium’s latest Strategic Business Plan, total borrowing at the end of this year is expected to reach £565 million, rising to £573 million in 2027.
She added: “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.”
