Dumfries and Galloway Housing Partnership (“DGHP”) secured £114 million of long-term financing with M&G Investments in December 2019, in a ground-breaking deal that will provide the housing association with the flexibility needed to take forward its development plans for new affordable homes in South-West Scotland.
DGHP is the second-largest Registered Social Landlord in Scotland, owning and managing over 10,300 homes in Dumfries and Galloway. In December 2019, the housing association became part of the Wheatley Group, Scotland’s largest housing, care and property management group, with a combined group portfolio of over 62,000 affordable homes across the country.
One Housing has partnered with M&G Investments for a second time to help realise its vision of delivering thousands of affordable homes in London and the South East.
In a first for the sector, One Housing was able to use the increasing value of their shared ownership portfolio as security for the transaction.
One Housing is a leading developer and provider of affordable homes across London and South East England. With a visionary plan to build thousands of new homes, One Housing needed a long-term lending partner who could share that vision.
In April 2015, County Durham Housing Group secured £150 million of funding for a large scale voluntary transfer (LSVT) through a combination of £75 million in financing from M&G Investments and £75m of shorter-term loans from a major bank. This was an innovative deal—the first LSVT to be financed by a blend of capital markets finance and bank debt.
Rosebery Housing Association Limited (“Rosebery”) was formed in 1994 following the large scale voluntary transfer (LSVT) of housing stock from Epsom and Ewell Borough Council. Rosebery provides important services for the local community and manages approximately 2,300 properties, predominantly in the Borough of Epsom and Ewell.
As part of a £100 million refinancing exercise in 2015 Rosebery secured a £42.5 million bilateral private placement deal with M&G.
Charter Housing Association Limited (“Charter”) has been providing affordable homes for 40 years and manages nearly 5,000 homes across Newport, Caerphilly, Torfaen and Monmouthshire.
Participation in the £156 million M&G club deal offered Charter the opportunity to not only diversify its lending, but also fuel the development of an exciting garden village development in the centre of Newport, South Wales.
Islington and Shoreditch Housing Group (“ISHA”) manages and develops quality affordable housing for people in north and east London, especially in Hackney, Islington and Waltham Forest. It prides itself on being deliberately small and local in comparison to other London housing associations. This focused and local approach used to mean that finance options could be narrower for ISHA when compared to other housing associations. Refinancing with M&G changed this for ISHA.
Genesis Housing Association Limited (“Genesis”) is one of the leading housing associations in the UK, providing or managing more than 33,000 homes across London and the South East.
Following the flagship Stratford Halo development in the heart of the Olympic village, the desire to fuel even more ground-breaking developments required a funder with the experience and leadership to create a flagship sale and operating lease solution to match.
Curo Places Limited (“Curo”) is a not-for-profit housing and support organisation based in Bath, that manages 12,000 homes and builds approximately 300 new homes every year, across the west of England.
In 2013, Curo purchased the former Ministry of Defence site at Foxhill, Bath, with the aim of regenerating not only this site, but also the existing adjacent development it already owned.
Curo needed a lender that would share their vision to create a unified, vibrant and well-connected community development and work with them swiftly as the consultation process and plans gathered momentum.
United Welsh Housing Association (“UW”) is a not-for-profit organisation providing housing and related services across nearly 5,000 properties, spanning 11 local authorities in the South Wales region.
Looking to fund the cashflow requirements of a 500-property development programme, and to support the receipt of a £13-million housing finance grant from the Welsh Government, UW participated in a M&G club deal, providing £156m of loans to 17 Welsh housing associations.
Link Group Limited (“Link”) is one of Scotland’s leading housing, regeneration and support social enterprises, providing services to 10,000 families and individuals in 26 Scottish local authorities.
With plans in 2013 -14 to invest over £26million in new affordable homes alone, Link needed to make a strategic shift away from short-term bank debt. The result was a ‘first’ for a housing association in Scotland.
In the autumn of 2013 M&G participated in a major funding scheme to contribute directly to the building of 1000 new homes across 22 local authorities in Wales.
M&G structured a landmark club deal with 17 participating housing associations, allowing the participants access to funding on terms and tenor largely unavailable to them before.