Barclays provides £100m for affordable homes construction
Published: 04 February, 2010
SUTTON COLDFIELD: Barclays has provided Waterloo Housing Group with £100m in new debt finance to support the company’s goal of building 3000 affordable homes.
Waterloo Housing Group was formed 15 months ago following the merger of Eastern Shires Housing Group and Waterloo Housing Association and currently owns 17 500 homes predominantly in the counties of Leicestershire, Lincolnshire and the West Midlands.
The deal will provide three years’ funding and will help enable the Group to build a further 3000 homes for families on low incomes in the Midlands, for shared ownership schemes and for sale when market conditions improve while creating jobs in the local construction sector.
David Pickering, group chief executive said: “The Barclays team brought a sophisticated understanding of our business requirements to the structuring and arrangement of a long term loan which can be used flexibly by two of our key subsidiaries.
"The facility will enable us to meet our target of providing around 1000 new affordable homes a year across the entire Midlands region, with the group business plan now fully financed for growth over the next three years.”
David Glover, relationship director in the Social Housing Team at Barclays Corporate said: “This funding will enable the Waterloo Housing Group to drive forward its plans to grow organically at a time when the provision of affordable housing is much in need, and jobs in the construction industry most welcome.”
Nick Barlow at Addleshaw Goddard provided legal advice to Barclays with Ralph Picken of Trowers & Hamlins advising Waterloo Housing Group.