West Yorkshire landlord agrees £110m deal with major lender

News23.10.2411.00 AM by Jenny Messenger

Shipley-based landlord Incommunities has secured £110m in funding from NatWest to support its plans to build 1,500 new homes in five years.

Incommunities’ head office in Shipley (picture: Incommunities)

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West Yorkshire landlord agrees £110m deal with major lender #UKhousing

Shipley-based landlord Incommunities has secured £110m in funding from NatWest to support its plans to build 1,500 new homes in five years #UKhousing

Incommunities, which manages more than 22,000 homes, said the financing would also be used to boost investment in existing properties.

The package includes a £50m revolving credit facility (RCF). Chatham Financial, Devonshires and Pinsent Masons supported the deal.

John Wright, executive director of finance at Incommunities, said: “Securing this additional £50m funding is a major landmark for Incommunities and will help us to achieve our ambitions to provide safe, good-quality and affordable homes that meet the needs of people across the region.”

Andrew Dexter, relationship manager and real estate finance director at NatWest, said: “The management team at Incommunities are committed to providing quality housing across West Yorkshire and the new funding will enable Incommunities to create desirable housing in a range of communities across the region.”

Other recent deals NatWest has closed with social housing providers include a £100m RCF with Torus Group and a £90m funding package with North East landlord Believe Housing.

Another North East landlord, Karbon Homes, said in September that it had restructured an existing facility with NatWest to agree a new 10-year term on a £54m loan.

In August, Incommunities announced it had secured £50m in funding in its first agreement with Dutch bank ABN AMRO.

Incommunities retained its G2/V1 rating for governance and financial viability from the English regulator at the beginning of the year.

The association was established in 2003 through a stock transfer from the former Bradford Metropolitan District Council.