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Places for People borrows £250m
The giant housing association Places for People has borrowed £250m from a variety of investors, including new lenders to the sector from Hong Kong and Japan.
Places for People took out a £100m revolving credit facility, a kind of flexible funding arrangement popular in the social housing sector, with the bank HSBC.
As well as this, HSBC arranged £150m worth of private placements – privately secured bond sales – to global investors from Hong Kong and Japan.
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Arun Poobalasingam, head of social housing at HSBC UK, said: “Places for People has long been a trailblazer within the housing sector, with ambitions which go beyond what the sector has traditionally had.
“The business focuses on developing places where people want to live. We are delighted to support Places for People with a long-term funding strategy for its regulated business.”
The bank said that Places for People would use the funds to continue to build and manage social housing assets across England and Scotland and that it would help to diversify the association’s investor base.
HSBC has frequently lent to housing associations since entering the sector in 2014 with a £75m loan to London’s largest housing association, L&Q.
