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Scottish housing association secures £100m sustainable finance facility
Scottish landlord Wheatley Group has secured a £100m sustainable loan facility with four UK banks.
The housing provider has secured a £50m revolving credit facility with existing lenders the Royal Bank of Scotland, Bank of Scotland and Nationwide Building Society, as well as a £50m loan from new lender Barclays.
The new financial war chest available to Scotland’s largest landlord will be used to pay for Wheatley’s new build programme.
Wheatley also said the new financial facility will be used to increase support for its tenants in some of the most disadvantaged communities to go into further education, with at least 50 people each year being given an education bursary.
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Steven Henderson, group director of finance at Wheatley, said: “We are delighted today to announce the new loans with four of the UK’s largest financial services providers. It is a further sign of the trust and confidence they have in Wheatley Group and our plans to make a real and lasting difference to communities and tenants.
“The new funding will allow us to build more much-needed affordable homes, help us tackle the issue of homelessness in our neighbourhoods and also give our tenants the opportunity to make the best start in life.”
The four lenders involved in the environmental, social and governance (ESG) funding believe the money will help Wheatley deliver a more sustainable future for communities.
Melanie Russell, regional head of housing at Bank of Scotland, said: “Wheatley understands the responsibilities that come with being one of the country’s largest housing providers and has set out a strategy and plan to deliver sustainable homes for all.
"We are proud to have acted as ESG co-ordinator on behalf of its lenders as Wheatley looks to drive a more sustainable future for Scottish communities.”
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