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.

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.

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.

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.”