Housebuilder Hill Group has completed the refinancing of its portfolio with a sustainability-linked loan of £220m.
The credit facility was last renewed in December 2017 for £200m but it has been increased, with Lloyds Bank, NatWest, HSBC and Santander each committing to a £55m loan.
The loan, which matures in 2026, is based on four sustainability-linked criteria: biodiversity net gain; reducing operational carbon; reducing scope 1 and 2 carbon; and the company’s overall sustainability rating, as measured by the NextGeneration scoring system.
The refinance will support Hill Group’s five-year plan to double the size of the business to £1.2bn by 2025. The new facility will fund the firm’s long-term development projects, including Knights Park development in Cambridge; Woolwich Leisure Centre, a mixed-used regeneration project comprising 500 new homes and community facilities, and the regeneration of the Teviot Estate in Tower Hamlets, E14.
Hill Group finance director Tony Parker said: “Our sustainability-linked loan refinancing is an important step in our overarching group vision to become a leading sustainable housebuilder in the UK.”
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