Build-to-rent developer Dandara Living has secured a £60m green revolving credit facility to fund its 4,500-home pipeline.
Dandara has 11 pipeline schemes, including sites in Glasgow (pictured), Bristol and Birmingham.
In Glasgow, the Gh2o scheme will provide 342 waterfront flats in the West End, due for completion in Q1 2023. Dandara also has a 162-flat scheme at the Unities & Armouries site in Birmingham due to complete at the same time, and a 316-flat scheme at Bedminster Green in Bristol targeting Q3 2023 completions.
The green finance follows a £183m loan from HSBC in 2016 to build a portfolio of 2,000 flats across three sites in Birmingham, Leeds and Manchester.
The buildings were also funded by a £45m loan from the Homes & Communities agency, and last year sold to German investor ECE in a landmark deal for the sector.
Ed Tynan, director at Dandara Group, said: “As a large-scale BTR developer and operator, we are committed to managing the social, economic and environmental impacts of our activities responsibly.
“In securing this new green revolving credit facility, we have increased our ability to deliver sustainable new homes which enhance residents’ lives and add long-term social and economic value to the communities we operate in.”
Hugh Taylor, head of housing at HSBC UK, added: “BTR developments of this kind have become an important part of the solution to our housing issues by providing flexible living options which reduce energy consumption, reuse materials and enhance biodiversity.”
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