London landlord agrees £40m funding as NatWest steps up sector lending

With the new funds, ISHA said it will continue with its programme of fire safety works and start a “large-scale programme” of roof and lift replacements in homes in Hackney, Islington and Waltham Forest.

Inside Housing reported in 2020 that ISHA had 11 blocks that were taller than 18 metres, all of which needed some remediation post-Grenfell.

The group’s chief executive Ruth Davison said at the time that the “vast majority” of its tenants live in buildings over 11 metres tall as it tends to “build up” because of the boroughs it operates in.

On the roof work, Gary Pliskin, finance director at ISHA, said it will “not only save us future maintenance costs but also offer substantial environmental advantages and lower energy bills for our residents”.

The funding will also allow ISHA to deliver more homes for social rent, the landlord said.

It comes after the group last week appointed a former long-serving L&Q executive as its new development director.

Dharmesh Patel, associate director at NatWest Group, said: “We are really pleased to support ISHA and welcome the positive social and environmental impact that our funding will have for the communities they serve.”

Last month the bank announced that it was aiming to lend £5bn to the social housing sector over the next three years to help landlords build more homes and improve existing stock.

Savills Financial Consultants advised on the ISHA deal, with support from legal firms Devonshires and Pinsent Masons.