Funding secured for 500 new energy efficient homes
Date Posted: 6th of May 2022
We are delighted to announce that our partner association, Caledonia Housing Association, has successfully secured £75 million of funding to further its commitment to both building sustainable housing and becoming a carbon-neutral organisation.
Despite the challenging market conditions, the strength and stability of Caledonia meant that investors offered highly favourable terms which will allow us access the funds to meet our business plan funding requirements and provide greater certainty for the future development and investment programmes.
Leigh Grubb, director of finance and governance, said: “Providing affordable and energy-efficient housing is central to our strategy, and the completion of this funding package is a significant milestone for Caledonia Housing Association. It provides an opportunity for investors to support our ongoing housing development programme as we continue to play a part in meeting the overwhelming need for high quality social housing in Scotland.
“We have enjoyed our close working relationship with the team at NatWest, who took the necessary time and care to fully understand and refine our specific funding objectives, before successfully matching these requirements with strong interest from a number of high quality investors.
“This funding exercise also underlines the commitments the Association has already made to its broader sustainability agenda and we are pleased to have the support of our new investors as we set out to deliver on our key goals.”
George Flynn, vice president for financing solutions at NatWest, said: “This has enabled Caledonia to develop strong and supportive investor relationships and a funding package that is closely aligned to their business plan requirements, achieving their core financing objectives.”