Section: Housing Finance

Grand Union Housing agrees deals worth £237m to help deliver 1,900 new homes

Posted 20.05.20
Grand Union Housing Group: Further reading

Grand Union Housing Group has agreed funding deals worth £237 million, which will enable the affordable housing provider to push ahead with plans to build more homes, despite the current uncertainty in the economy.

The Milton Keynes-based housing association, which owns and operates 12,000 homes across Bedfordshire, Buckinghamshire, Northamptonshire and Hertfordshire, will now be able to deliver 1,900 more much needed new homes.

The funding deals include a new £30 million revolving credit facility with Barclays, along with £207 million of restructured facilities with Santander and RBS/NatWest.

Grand Union will be launching their new corporate plan in the summer and the new building targets make up just part of their ambitious and exciting new plans for the next three years.

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New corporate finance deals strengthen GreenSquare

Posted 05.05.20
GreenSquare Group: Further reading

GreenSquare Group is celebrating the successful completion of work to harmonise terms with existing and new lenders on c£350 million of existing debt, £140 million of new revolving credit facilities and £50 million of new borrowing with BlackRock's European Infrastructure Debt team - 'BlackRock'.

The terms and conditions that applied to the borrowing of Westlea, one of GreenSquare's registered providers, were markedly different to those for the parent company GreenSquare Group, also a registered provider.

As Finance Director Iain Bacon explains: "The way we've had to report on our financial performance and manage it, in terms of complying with the covenants, has for so long been unnecessarily complicated and challenging.

"These new harmonised terms simplify things significantly."

Devonshires advised GreenSquare on the loan and security documentation and Trowers & Hamlins advised on the property charging aspects. Addleshaw Goddard and Clarke Willmott acted for the funders. Treasury advisory services were provided by Centrus and JLL provided valuation services.

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Reporting on May 2020

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