Posted 04.06.14
Legal & General (L&G) announced that it has agreed a £50 million, 40 year debt facility to Housing Solutions, helping to support the Maidenhead-based housing association's growth plans as it looks to deliver approximately 1,600 new homes over the next six years.
Secured against Housing Solutions' portfolio of existing social housing assets, the loan will be used to finance the Group's ongoing development activities.
Drawn down in four instalments, scheduled between December 2014 and October 2015, the loan is structured to provide greater alignment to the development pipeline process than traditional arrangements.
Established in 1995, Housing Solutions is responsible for owning, managing and maintaining more than 8,000 homes. Operating across a total of seven local authorities in and around the Maidenhead area, its geographical remit is characterised by high capital values and long waiting lists for housing.
Forming part of its wider UK housing and infrastructure strategy, this latest transaction marks L&G's fourth major investment in social housing. Committing over £5.5 billion in UK infrastructure projects to date, including residential regeneration, key worker accommodation, care homes and student accommodation, it has provided a total of £455 million to affordable housing alone over the past 18 months.
