Large landlord bolsters delivery ambitions with £851m refinancing package

News02.02.243.25 PM by Hugh Taylor

Jigsaw Homes Group has completed a massive £851m refinancing package, which includes an additional £152m, in a bid to bolster its liquidity and development capabilities.

Picture: Bank of England

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Large landlord bolsters delivery ambitions with £851m refinancing package #UKhousing

Jigsaw Homes Group has completed a massive £851m refinancing package, which includes an additional £152m, in a bid to bolster its liquidity and development capabilities #UKhousing

The new structure means that the housing association is now better equipped to deliver on its ambitions of building 4,000 homes within the next five years.

Jigsaw said the deal also allows it to maximise the value of its secured property portfolio and streamline its loan operations.

The landlord, which manages more than 36,000 homes across the North West and East Midlands, reiterated its commitment “to provide good-quality social housing to help tackle the current national shortage” as part of the funding arrangement.

Paul Chisnell, executive director of finance at Jigsaw, said: “As we continue with our plans to help tackle the current shortage of new affordable housing, this refinancing package helps us take another step forward in our commitment to deliver 4,000 homes over the next five years, as well as investing in projects and assets that increase life opportunities for our residents.”

The refinancing was completed with five funders. It was done in partnership with law firm Devonshires and corporate financial advisors Centrus.

Natalie Swales, a partner at Devonshires, said: “We are delighted to have advised on the refinance and to have welcomed Jigsaw as a new client to the firm last year.

“The additional facilities, coupled with the value unlocked in their security portfolio as part of the refinance, will ensure Jigsaw is well equipped to continue its pivotal role in the provision, maintenance and delivery of affordable housing over the coming years.”

John Tattersall, managing director at Centrus, said: “Centrus and Devonshires were both newly appointed by Jigsaw last year, and the completion of this project marks a successful, exciting and rewarding first project.

“The project required a careful navigation of a complex financial landscape and we were delighted to work with Devonshires and Jigsaw to deliver tangible results. The restructure and new funding have set Jigsaw’s treasury operations on a strong footing and now allows them to focus on what they do best; creating homes and building lives.”

The news comes as a new era for Jigsaw begins under chief executive Brian Moran, who took over from Hilary Roberts in December 2023.

The new boss spoke to Inside Housing last month about nurturing new talent in the sector, the challenges of building and retrofit, and what he makes of Labour’s housing plans.