Section: Housing Associations

Yarlington issues £120m bond after strong end of year results

Posted 20.09.17
Yarlington Housing Group: Article link

Yarlington Housing Group announced the launch of a £120 million listed bond issue which will be used to part fund its Next-Gen growth commitments over the next four years.

The south west housing association has issued the bond with a coupon of 3.41% and the purchase price payable in instalments.

Next-Gen will specifically increase the number of new homes Yarlington provides in the south west, building 1,500 affordable homes over the next four years, and extend its geographic reach to as far as Bristol.

Pension Insurance Corporation Plc subscribed for £60 million, initially paying £1.14 million and three future instalments of £19.62 million over a three-year period.

Yarlington has also retained £60 million for future sales. This structure provides long-term certainty over the organisation's borrowing costs, locking in the current low, long-term interest rates, whilst managing the cost of carry.

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Notting Hill Genesis shadow board meets for first time

Posted 14.09.17
Notting Hill Housing: Article link

The shadow board of Notting Hill Genesis met for the first time to get to know one another and start discussions about the challenges and opportunities for the proposed new organisation.

Made up of 12 members, six from Notting Hill Housing and six from Genesis Housing Association, the shadow board has a wealth of experience of the housing sector and beyond.

This includes two resident board members - one from each of the current organisations, Notting Hill Housing and Genesis Housing Association - to provide the valuable perspective of tenants and leaseholders.

While the shadow board is now in place, the decision to complete the merger still requires agreement from shareholders. This is due to take place at a special general meeting later in 2017.

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Reporting on September 2017

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