Great Places Housing agrees £284m of new funding

Manchester-based housing association Great Places Housing Group announced that Savills Financial Consultants has helped the group secure three new funding deals worth a total of £284 million with Santander, NatWest and ABN Amro.

Great Places has 25,000 homes across the North West, Yorkshire and Derbyshire. The group has 800 staff across its four offices in Manchester, Oldham, Sheffield and Blackpool.

“Funding of £109m and £100m has been agreed with existing lenders Santander and NatWest Bank, respectively,” said Great Places.

“New partner ABN AMRO has lent 25,000-home Great Places £75m. All loans are revolving credit facilities (RCFs).

“All three RCFs contain sustainability-linked performance measures which see a reduced interest rate in the event that Great Places meets agreed energy efficiency targets on new and existing homes.

“Great Places will use the funds to continue to deliver its commitments to customers to invest in existing and new homes in communities across the North West, Yorkshire and Derbyshire.

“Great Places’ current plans include further increasing resources to improve property conditions and customer services, as well as the ambition to develop around 9,000 new affordable homes during the period 2020-2030.”

Great Places chief financial officer Mike Gerrard said: “We are delighted to continue and develop our relationships with NatWest and Santander and welcome ABN AMRO as a new banking partner.

“We received strong interest from the banking sector for this transaction and it is pleasing to move forward with sustainability-linked funding. ”

Mike Roche, Director at Savills Financial Consultants, said: “There were a significant number of moving parts with these deals, so it is a testament to the Great Places team that they have been able to handle the process so diligently.”