Halton Housing Trust secures £130m to fund 700 new homes

Runcorn and Widnes World: Nick Atkin, chief executive of Halton Housiing Trust Nick Atkin, chief executive of Halton Housiing Trust

A FINANCIAL deal worth £130 million is set to create 700 much needed-needed new homes in Halton.

Halton Housing Trust has secured a new package through capital market and bank funding arranged by its existing lender, Lloyds Bank.

Nick Atkin, the trust’s chief executive, said: “We are really pleased to have secured our new funding facility. It is noteworthy that we have been able to collectively deliver one of the shortest timescales from start to finish for such funding.

“This is also inside the challenging project timescales we set ourselves at the outset in September.

“This provides us with low priced long term funding which has surpassed our expectations. It enables us to strengthen our financial base and continue to invest in our existing homes as well as the development of around 700 much needed high quality new affordable homes over the next few years.

“As well as the obvious benefits for our customers, it also demonstrates that we are an organisation that can deliver complex projects within short timescales.

“This deal will also provide security for our employees as they will be working for an organisation with a fully resourced long term plan.”

The separate deals include a private placement and a restructuring of the Trust’s existing loan facility with Lloyds Bank.

The £60m private placement was secured as a split structure between two investors over 35 years.

Neil McGrath, executive director of business services at the Trust, said: “We are extremely grateful to our advisers and funders for assisting us with this transaction. We are absolutely delighted with the outcome of this deal.”

The Trust has been advised throughout by legal adviser, DWF LLP, and funding adviser, Capita Asset Services.

Joanne Newling, relationship manager in Lloyds Bank commercial banking’s social housing team, said: “This is a flexible funding package which perfectly suits Halton Housing Trust’s needs as it looks to expand its portfolio of affordable homes in the borough. “The private placement is a great example of the way providers are increasingly using finance from supportive investors on the debt capital markets alongside traditional bank loans to support their ongoing needs.”

The announcement comes shortly after the trust was accredited ‘Investment Partner Status’ from the Homes & Communities Agency. The status means the Trust can bid for development funding from the HCA and build new homes in its own right.

Comments (1)

Please log in to enable comment sorting

8:13am Tue 17 Dec 13

GuiltyCol says...

This article is all waffle and no detail. Where are these homes being built?
This article is all waffle and no detail. Where are these homes being built? GuiltyCol

Comments are closed on this article.

click2find

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree