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Havebury Housing Secures £210m Funding Deal

Havebury Housing Partnership has worked with Savills Financial Consultants and Lloyds Bank to agree a private placement and loan facility package worth £210 million.

This funding will be used to help 7,000-home Havebury expand its provision of affordable housing and upgrade the energy efficiency of its homes.

The East Anglia-based housing association has refinanced and secured new long-term debt to support its corporate plan of getting all homes to EPC level C by 2030, as well as building 250 new homes per year to 2028.

The funding consists of a £150 million private placement provided by Pension Insurance Corporation and Macquarie Asset Management, and a £60 million revolving credit facility from Lloyds Bank.

There was significant investor demand for the private placement, with over four times the initial offering of £80 million being sought by investors, allowing Havebury to upsize the transaction to £150 million and take advantage of flexible delays to funding timing. The private placement provided a competitive overall weighted average cost of capital for the long term.

The housing provider was formed in 2002 by the transfer of just under 6,000 council homes from St Edmundsbury Borough Council. Since then, it has developed more than 1,700 new affordable homes and has a growing construction programme.

Marie McCleary, director of resources at Havebury Housing Partnership, said: “We are delighted to have secured additional funding to continue providing new homes, to meet the affordable housing shortfall in the communities where we operate. We look forward to working with new and existing funders in meeting our sustainability ambitions for current and future homes.”

Both transactions were completed in December 2021.