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Japanese bank signs £75m association deal
A Japanese bank has signed a new 10-year loan for £75m with a home counties social landlord.
Mitsubishi UFJ Financial Group?s (MUFG) banking arm announced the tie-up with 18,000-home BPHA this week.
The deal follows MUFG?s entrance into the social housing sector last year, offering largely five to 10-year finance packages. The BPHA loan is its third deal with a housing association.
The landlord plans to use the financing to fund its plans to build at least 500 homes per year for the ?foreseeable future?.
Robert Bartlett, executive director at MUFG, said: ?BPHA were one of the first registered providers we approached last year and we are delighted to have been able to put this facility in place.?
Paul Gray, chief financial officer at BPHA, said the deal ?offered competitive terms, fitted well with our debt maturity requirements and will support our ongoing development of new homes?.
