Places for People agrees £100m finance package
Property management group Places for People has agreed a new £100m finance package with Lloyds Bank Commercial Banking to help fund its nationwide regeneration projects.Places for People is one of the UK’s largest housing providers, owning or managing 143,000 homes. Since 2011, it has diversified its funding streams with the raising of £180m via two retail bond issues.
It has secured a new revolving credit facility with Lloyds Bank Commercial Banking, which is worth £100m and runs until October 2016. It replaces a previous £80m package from the bank.The agreement provides Places for People with funding for its development programmes across England, Scotland and Wales, and involving the regeneration of entire areas, as well as building and refurbishing domestic properties.
Chris Jones, Tax and Treasury Director from Places for People, said: “We have been active in pursuing a diverse range of finance options for some time, particularly in tapping into the public markets, with investors showing great faith in our strategy. Our relationship with Lloyds Bank has been key in providing the working capital for our day-to-day operations and this new package extends that support.“Places for People is committed to the development, growth and regeneration of living areas, and ultimately, ‘shaping places’ into environments and homes where people want to live. The new funding package means we can continue to invest in projects and public services, including schools, shops and leisure facilities, and help create thriving communities across the UK.”
Richard Hughes, relationship director in Lloyds Bank Commercial Banking’s social housing team, added: “Places for People is one of the UK’s largest property management, development and regeneration providers, with assets in excess of £3billion. Housing associations of such scale are hugely important to the future of the sector. “This latest agreement extends our already long-standing relationship with Places for People and provides the working capital to continue to support successful regeneration projects and communities nationwide.”