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One of the UK’s largest housing associations, Sanctuary, has borrowed £200m from North America-based investors in a private placement deal.
The 100,000-home association plans to use the money to support its plans to build more than 30,000 new homes in the next 10 years and to refinance existing debt.
This is the latest loan to Sanctuary since it completed a £75m revolving credit facility with Japanese bank Mitsubishi UFJ Financial Group and BAE Systems Pension Funds Investment Management.
Craig Moule, chief financial officer at Sanctuary, said: “US private placements have been an important part of the group’s funding for many years so we are pleased to have secured this new deal which has involved both existing and new investors to Sanctuary.
“The competitive rates achieved, together with the greater flexibility of unsecured funding, provide a strong platform for the group’s strategic growth plans of increasing housing supply and expanding its care services.”
The association maintained its surplus in the last financial year at £195m, slightly up from £193m.
In that annual statement, Sanctuary also revealed that its pension scheme deficit had more than doubled, a year after leaving the troubled multi-employer Social Housing Pension Scheme.