FINANCE: Aviva Commercial Finance has provided a 25-year, £67m loan to Sapphire Extra Care – its first loan to the social housing sector.
The funds will be used to develop and maintain 390 extra care social housing units in Stoke-on-Trent.
The Sapphire consortium, comprising the Eric Wright Group, Kajima Partnerships and Your Housing Group, will develop the flats across three sites in Stoke.
Toni Miller, head of new business at Aviva Commercial Finance, said: “We are particularly pleased that we are able to continue playing an active role in supporting local communities across the UK. This is our first social housing deal and we believe that it represents a good long-term investment for Aviva and for our annuity customers, and it will greatly benefit the local community in the Stoke area.”
Morton Corbitt, development director at Kajima Partnerships, said: “Our team have worked in close harmony with Aviva on all commercial aspects during the procurement process this year and we look forward to building our long-term partnership with all stakeholders in the community to maximise the benefits that local people will receive from this scheme.”
bridget.oconnell@estatesgazette.com
