Magna secures £150m to ramp up housebuilding and retrofit existing homes
Magna Housing has secured £150m in new funding to deliver around 1,500 affordable homes over the next five years, and renovate existing properties.
Magna secures £150m to ramp up housebuilding and retrofit existing homes #UKhousingThe housing association has agreed a £70m term loan from Allied Irish Bank, and £80m in revolving credit facilities split between Barclays and Nationwide.
The structure includes flexibility allowing Magna to draw on a mix of revolving credit facilities and term debt, to spread costs and support financial security over the investment period.
Magna said the funding will allow it to significantly accelerate delivery and double its contribution of affordable homes to around 300 over the next five years.
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The funding will also be used to upgrade existing homes, with a focus on energy efficiency improvements, partly supported by the government’s Warm Homes programme.
Ian White, head of finance at Magna, said: “We’re delighted to have secured funding to enable Magna to continue to deliver more new, affordable homes in line with our strategy.
“The support from Centrus and Bevan Brittan not only ensured appropriate governance but most importantly achieved best value, allowing us to keep more cash to invest in new homes, sealing a great job done by all.”
Louise Leaver, head of the housing finance team at Bevan Brittan, said: “It was an absolute pleasure to work with Magna and Centrus on this important funding update which will enable Magna to support their strategic plans going forward.”
Tom Miller, director at Centrus, said: “We are delighted to have supported Magna in their latest fundraising process, which resulted in a highly competitive outcome that will support delivery of much-needed new homes.”
Magna currently provides more than 9,000 homes across Dorset, Somerset and Devon, including social rent, supported housing and shared ownership.
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