Grand Union Housing Group has agreed funding deals worth £237m, which will enable the affordable housing provider to push ahead with plans to build more homes, despite the current uncertainty in the economy.
The Milton Keynes-based housing association, which owns and operates 12,000 homes across Bedfordshire, Buckinghamshire, Northamptonshire and Hertfordshire, will now be able to deliver 1,900 much needed new homes.
The funding deals include a new £30m revolving credit facility with Barclays, along with £207m of restructured facilities with Santander and RBS/NatWest, will help Grand Union deliver much needed social housing and related services.
Chris Bellamy, Director of Finance & Treasury at Grand Union, said: “Despite the ongoing external economic pressures, we’re really pleased to be able to improve our already strong financial position and support our ambitions for the coming years.
“As a housing provider, we have the power to change things for good. This funding deal will help us to continue to build more homes, stronger communities and better lives, whilst also providing key services that make a real difference.”
Terry Frain, Director of Savills Financial Consultants who supported Grand Union with the deal, said: “These are really difficult times for many, but the banks worked hard to maintain business as usual, and to continue with this fantastic deal.
“We are really pleased to have helped our long-standing client Grand Union Housing Group to achieve an excellent funding package that will help to support its ambitious growth plans.”
Grand Union will be launching their new corporate plan in the summer and the new building targets make up just part of their ambitious and exciting new plans for the next three years.