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Origin raises £30m of finance for new housing
Origin Housing has secured £30m of finance for new housing and reinvestment in current stock.
The funding was secured from bodies already providing funds to Origin: Great-West Life & Annuity Insurance Company and Massachusetts Mutual Life Insurance Company, which provided the investment at 3.07% over 15 years.
It will be used to provide new affordable housing across London and Hertfordshire and to reinvest in Origin’s current housing stock.
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Carol Carter, chief executive of the 6,500-home association, said: “We are delighted to have been able to secure this funding which will be invested into our ambitious development programme and improving our current housing stock.
“With successful planning permission recently granted for a major scheme in Harrow, we are already on schedule to build more than 1,000 new homes over the next five years.”
Origin’s plans for Harrow were recently called in by mayor of London Sadiq Khan, who overruled the council’s rejection of the application for a 17-storey development providing 186 homes.
Financial risk consultancy JCRA provided advice to Origin throughout the process.
Duncan Salter, director of JCRA, said: “As Origin’s retained treasury advisors, we’re pleased to have provided effective guidance throughout the deal negotiation process. This support has enabled Origin to secure funding at excellent rates and have the deal priced within a month of approaching investors.”
