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East of England group secures £210m for new homes and decarbonisation push
A 7,000-home housing association has secured a £210m funding package as it aims to deliver more than 1,000 new homes and decarbonise its stock.
Havebury Housing Partnership, which manages homes across the East of England, raised £150m through a private placement with Pension Insurance Corporation and Macquarie Asset Management, which attracted an undisclosed number of UK and US investors.
Macquarie Asset Management, the infrastructure debt arm of the Australian investment bank Macquarie, provided £80m of the funds and said the investment features a "minimum" 30-year term.
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The firm, which has been stepping up its investments in the UK social housing sector, previously provided £75m in funding to Havebury in a 2017 deal as part of an overall £270m refinancing package.
Bury St Edmunds-based Havebury also agreed a new five-year £60m revolving credit facility with Lloyds Bank, one of its current lenders, in its latest round of funding. ESG targets would be incorporated in the facility, Havebury said.
The rate on both deals was not disclosed.
Havebury said that the pandemic had delayed some projects in its last financial year but that it is “committed” to delivering 250 new homes a year by 2028. Overall, it plans to build 1,250 homes in the five years to 2027/28.
Havebury completed 134 homes in its last financial year to the end of March 2021, which included 53 for social rent, 60 for affordable rent and 21 for shared ownership.
Since Havebury was formed in 2002 from a stock transfer from St Edmundsbury Borough Council, it has developed around 1,700 new affordable homes.
The provider is also spending £6m on improving existing homes in the current financial year, while it looks to upgrade all its homes to Energy Performance Certificate Band C by 2030.
Marie McCleary, director of resources at Havebury, said: “We look forward to working with new and existing funders in meeting our sustainability ambitions for current and future homes.” The group was advised by Savills Financial Consultants on the latest funding deals.
In its last full year, Havebury reported a group surplus of £3.7m off a turnover of £42.1m.
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