Together secures £50m to upgrade property portfolio

Blackburn-based social landlord Together Housing Group has secured a £50m funding deal to facilitate sustainable upgrades to its portfolio of more than 38,000 properties across Yorkshire, Lancashire, and the North Midlands.

The group is the first affordable housing association to secure funding of this nature as part of Royal Bank of Scotland’s, which is part of the NatWest Group, new Green Housing Retrofit Loan pilot scheme.

The deal will allow Together to make proven sustainable retrofits such as the installation of ground and air source heat pumps as well as the replacement of cladding, roofs, and windows to its network of socially rented properties across more than 30 local authorities.

Working in partnership with NatWest Group’s ESG Advisory team to confirm the efficiency ratings of the planned upgrades, the investment will allow customers to benefit from a significant reduction in energy bills while lowering THG’s emissions across its property portfolio.

Judith Cruickshank, chair, Scotland Board, Royal Bank of Scotland, said: “This funding deal is a landmark for the sector and we’re proud to be the first lender to provide such support to the UK’s social housing industry.

“Together Housing Group provides safe, comfortable – and importantly, affordable – homes to over 80,000 families and individuals across the north of England who are all set to benefit from this new investment.

“Royal Bank is committed to supporting the UK’s social housing sector and we’re privileged to play a role in facilitating Together Housing Group’s continued growth.”

Mark Dunford, executive director of finance and commercial at Together Housing Group, said: “We’re proud of the progressive steps we’ve taken as an organisation so far towards achieving our ambitious net zero priorities and we are thrilled to be the first social housing association receive this valuable funding.

“Our carbon reduction strategy puts residents at the forefront as we strive to make essential retrofit adaptations to properties, ensuring they remain energy efficient for the benefit of current and future residents."