Places for People debuts £200m Samurai loan
Places for People (PfP) has completed a £200m loan from banks primarily based in Japan.
Places for People debuts £200m Samurai loan #UKhousingMUFG acted as the sole co-ordinator, mandated lead arranger, bookrunner and sole hedge provider on the new PfP deal.
This followed a three-day roadshow in Tokyo, where PfP successfully closed this transaction with 14 lenders across three and five-year tranches.
Sanjay Narbheram, head of housing finance at MUFG EMEA, said: “This debut Samurai loan marks an important step in diversifying Places for People’s funding base, adding access to a new pool of Asian liquidity alongside its already well-established and robust bank and capital markets sources.
“The transaction underscores the strategic efforts of Places for People and MUFG, including a targeted roadshow in Japan engaging both Japanese and international banks, to broaden PfP’s investor universe and deliver the strongest possible outcome.”
Read more
Baljit Singh, head of treasury at Places for People, said: “We’re delighted about the successful completion of our debut Samurai loan which represents a significant milestone for PfP.
“Our thanks go to MUFG and all participating investors for their support and confidence in our business.
“Diversifying our funding sources remains a key pillar of our strategy, and entering the Samurai loan market for the first time marks an important step forward – not only for Places for People, but also for the UK housing association sector.
“This is the first Samurai loan ever issued within the social housing sector, and it’s encouraging to see other housing associations now exploring this innovative funding route.
“We look forward to building on our new relationships as we continue to invest in affordable homes and supporting services as part of our mission to change our customers’ lives by creating and supporting thriving communities.”
This latest deal comes after South Yorkshire Housing Association and Elim Housing joined the PfP group at the end of last year.
PfP said the union will combine its scale and financial resilience “with their deep local knowledge, to deliver even better outcomes for customers”.
In October last year, PfP reported a 32% increase in annual affordable completions, alongside a more than £290m increase in its pre-tax surplus.
The housing association’s annual accounts for 2024-25 show it delivered 1,764 affordable homes in the year and started a further 1,732.
In its accounts for the year ending on 31 March 2025, the provider revealed a pre-tax profit of £376m, up from £80.1m.
This was driven by its acquisition of Origin Housing and its subsidiaries under a £397m item in its accounts called “combinations that are in substance a gift”.
Sign up to Inside Housing’s Development and Finance newsletter
Sign up to Inside Housing’s weekly Development and Finance newsletter, featuring a round-up of business, development and regeneration news and analysis.
Already have an account? Click here to manage your newsletters.
Related stories
