Midlands landlord launches £1bn Euro Medium-Term Note programme

Elizabeth Froude, chief executive at Platform, said: “We are delighted to have established an EMTN programme, which will play a key part in our treasury strategy for the coming years.

“The program signals that Platform is committed to fund raising from the capital markets and its A+ ratings demonstrate we remain a sound investment.

“It will help us access the funding that we need to invest in our homes and our communities as we continue to help alleviate the Midlands housing shortage and provide enhanced life prospects for more people.”

The organisation was formed in 2018 following a merger between Waterloo Housing and Fortis Living and was England’s biggest builder of social rent homes in both 2019 (458 new homes) and 2020 (438).

Platform is currently aiming to build 18,000 new homes over a 10-year period, with this ambitious development plan contributing to its recent A+ ‘negative’ rating from Fitch Ratings.

NatWest Markets acted as sole arranger on the launch, Addleshaw Goddard was appointed as legal counsel to the joint dealers and Devonshires Solicitors was appointed as legal counsel to Platform Housing Group.

George Flynn, vice-president of debt and financing solutions at NatWest Markets, said: “We are delighted to have supported Platform as sole arranger in the establishment of its £1bn EMTN programme.

“This follows on from our support during its inaugural £350m public bond executed in 2020 and provides a flexible and versatile framework to maximise Platform’s funding agility.

“This will provide swift access to the capital markets for funding to support Platform’s core social purpose to expand the availability of affordable homes across the Midlands.”