We're set to build more new homes for the East of England
We're set to build up to 2,500 new homes across the East of England, with the support of a £100 million private placement arranged by Lloyds Bank.
Thanks to the advice given by Savills Financial Consultants, we plan to utilise the funds to improve the provision of affordable, energy efficient housing in our areas of operation by building up to 500 new affordable homes each year until 2027.
This private placement funding is being provided by Aviva Investors and Sun Life Capital Management, with a long dated and flexible transaction structure to match our borrowing requirements.
Claire Higgins, our Chief Executive, said: “We are delighted to have secured this first private placement with our new funding partners Aviva Investors and Sun Life Capital Management. The funds will help us to deliver our commitment to build much needed good quality affordable homes that people want to live in.”
Rory Brown, Director, Corporate Financing and Risk Management at Lloyds Bank, said: “As the UK’s largest provider of finance for social housing, we’re pleased to support Cross Keys Homes by arranging their debut private placement transaction. There is a pressing need to develop the supply, quality, and sustainability of social housing not just in the East of England but across the UK. Housing Associations are playing a crucial role in providing more opportunities for more people to live in more affordable, warmer, better homes”.
Alex Morgan, Director at Savills Financial Consultants, said: “Savills Financial Consultants is proud to have been able to provide Cross Keys Homes with independent advice and support through this important and successful transaction. At a time when the sector is facing a multitude of challenges and uncertainties, this financing provides the organisation with valuable stability that will facilitate its continued impressive growth over the coming years.”
Julian Barker, Head of Banking and Capital Markets at Devonshires, said: “Devonshires are delighted to have worked with the team at Cross Key Homes on another highly successful financing transaction, to help fund their development programme over the next few years.”