Havebury Housing Partnership has secured a £210m funding package to expand development and upgrade its existing affordable housing.
The East Anglian-based housing association has agreed an £80m private placement from Macquarie Asset Management, with a further £70m from Pension Insurance Corporation and a £60m revolving credit facility from Lloyds Bank.
There was significant investor demand for the private placement, with over four times the initial offering of £80m being sought, allowing Havebury to upsize the transaction.
The package will allow Havebury to retrofit its properties to achieve an Energy Performance Certificate C by 2030, as well as support the development of 250 new homes each year to 2028.
Havebury was formed in 2002 by the transfer of just under 6,000 council homes from St Edmundsbury Borough Council. It has since added 1,700 affordable homes and has a growing development pipeline.
Savills Financial Consultants was financial advisor and Lloyds Securities was placement agent for Havebury.
Rory Brown, director of US private placements at Lloyds Bank, said: “The success of the private placement reflects the strong support from the market for Havebury, attracting long-term capital from both UK and US investors and a funding profile that balances the current attractive interest rate environment with future financing needs.”
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