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Social landlord to use £25m deal to extend tower blocks vertically
London housing association East End Homes has secured a £25m funding facility, which it will use to deliver 142 new homes on top of existing tower blocks.
Using the £25m financing deal with M&G Investments, East End Homes will use “vertical extensions” to build on top of existing blocks, convert garages and provide the blocks with improved environmental works.
The project will provide 142 new homes in east London, of which 80% will be for social and affordable rent and will be built in partnership with Gracewood Group.
No further detail of the deal was given by M&G.
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Mark Davie, head of social housing at M&G, said: “Our partnership with East End Homes demonstrates the important role institutional investors play in providing finance to organisations that have a positive impact on the communities they operate in.
"In this case, East End Homes’ investment into new design will bring about a sustained improvement in the homes and quality of life for residents.”
M&G said it has more than £6bn invested in UK social housing through property transactions, public bonds and private placements on behalf of institutional investors such as pension funds.
Kevin Moore, chair of East End Homes, said: “We are especially pleased to have been able to conclude the new funding agreement with M&G in such challenging times and look forward to providing new much-needed affordable homes for the people of Tower Hamlets.”
M&G was one of several early adopters of the Sustainability Reporting Standard for Social Housing launched last year.
East End Homes was formed through a partial stock transfer from Tower Hamlets Council in 2005 and currently manages around 3,800 homes.
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