LGIM inks £100m affordable housing deal

Legal & General has agreed a £100m funding deal with Bromford Housing Group to develop affordable housing. The housing association will draw down the funds in 12 months’ time to support expansion in central and south west England. Bromford has recently reopened its construction sites following lockdown. Last year it completed 1,000 homes, and it aims to deliver 12,000 new homes by 2028. Steve Bolton, head of private corporate debt, Europe, at LGIM, said: “Our investment in Bromford matches our extended liabilities and delivers both real economic growth and social value for the UK. “We’ve seen lots of change in the past few months but the fundamental need for good quality homes remains a constant.” Imran Mubeen, head of treasury at Bromford, added: “While there was no immediate requirement for new funding at this stage, this deferred deal reflects our proactive approach to the market: locking in long-dated funding at historically low rates to future-proof our new homes plan while matching future interest costs with our required liquidity profile.” NatWest Markets acted as sole agent in Bromford’s private placement. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette