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Bromford Flagship sets up £1.5bn EMTN programme amid plans for 2,000 new homes per year
Bromford Flagship has launched a £1.5bn Euro Medium-Term Note (EMTN) programme that will support its plans to build thousands of affordable homes.
Bromford Flagship has launched a £1.5bn Euro Medium-Term Note programme that will support the housing association’s plans to build thousands of affordable homes #UKhousingThe 80,000-home housing association said it was expanding its finance options as it geared up to build 2,000 homes per year over the next 30 years.
It said the EMTN programme will support its aim to raise more than £4bn over the next 15 years to go towards building affordable homes as well as continued investment in its existing ones.
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The group, created from a merger between social landlords Bromford and Flagship in February, aims for 50% of its planned new homes to be at social rent.
The news comes after Bromford Flagship published a new sustainable finance framework, setting out how it will fund projects like building affordable housing and rolling out energy-efficiency measures through sustainable financial instruments.
Paul Walsh, chief finance officer of Bromford Flagship, said the new financing frameworks “mark a major step forward” for the landlord.
“By putting in place a flexible Euro Medium-Term Note programme and strengthening our sustainable finance commitments, we’re positioning ourselves to deliver long-term investment in new and existing affordable, energy-efficient homes across our communities.
“These frameworks give us the tools to access the funding we need to meet our ambitions and work with investors who share our commitment to making a lasting difference to the communities we work in and enabling our customers to thrive,” he said.
In recent months, other landlords launched or expanded programmes of EMTNs, which are financial instruments that offer quick access to debt capital markets.
In April, Sanctuary launched a £2.5bn EMTN programme.
The same month, Sovereign Network Group launched a £1.5bn programme.
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