Blackstone’s affordable housing business Sage has raised £280m in its first sustainable, social and green bond.
The company said the social housing securitisation package, arranged by Deutsche Bank, is the first of its kind in Europe. It meets sustainability, green and social criteria set by the International Capital Market Association.
The finance will support Sage’s strategy to deliver more than 20,000 energy-efficient homes in the next few years.
It follows Sage’s first bond last October, which saw it raise £220m secured over 1,609 homes.
Sage has a committed pipeline of 12,663 homes across 305 sites, with an investment value above £2bn. In 2020 accounts it said it was “well on track” to deliver 20,000 homes by 2022, which it said would see it become the largest contributor to new affordable housing in the UK. It has a target to add 4,000 in 2021.
John Goodey, chief financial officer at Sage, said: “Our 2020 bond received a social purpose designation and we are proud that our latest bond offering has received a sustainable, social and green bond designation. In being the first of its kind in Europe, it demonstrates Sage’s commitment to leading the sector on sustainable housing delivery.”
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