Wirral-based housing association secures £137m to deliver 1,000 new homes
Wirral-based Magenta Living has secured £137m in funding from NatWest to build 1,000 new sustainable and affordable homes over the next five years.
The association said it was unable to provide any more information about the rate of borrowing because it was commercially sensitive.
But the bank said it attributed environmental, social and governance goals to £75m of the loan facility, in a move that will help the association work towards the government’s 2050 net zero carbon target.
The 13,000-home landlord said that in addition to helping it transition to becoming a zero carbon housing provider, the cash will help it achieve its “ambitious growth plans”.
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This includes carrying out maintenance work on its existing homes and growing its portfolio to increase the number of affordable homes across the North West.
The funding from NatWest will also enable Magenta Living to progress its 30-year commitment to help tackle climate change through methods such as electric vehicle use, addressing fuel poverty and improving the energy performance of its housing portfolio.
Marcos Navarro, director and sustainability lead for housing finance at NatWest, said that the bank is committed to supporting associations across the country, and that it will commute to help Magenta as it delivers its climate change initiative.
He added: “It was rewarding to work on a deal that adds such genuine social and environmental value. This new funding package will not only allow Magenta Living to build sustainable and affordable homes, but it will support its transition to net zero and create local jobs, supporting economic recovery following the pandemic.”
The funding package forms part of NatWest’s commitment to support the sector with £3bn by the end of this year.
Ann Monk, executive director of finance at Magenta Living, said: “The bank’s backing is assisting us as we move towards our target of becoming a carbon zero organisation by 2050 with the creation of truly sustainable properties. This will allow us to continue growing and seizing new opportunities, as well as creating new jobs and encouraging investment into the areas we serve.”
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