£35m funding injection for expanding Trust

RETIREMENT scheme operator The ExtraCare Charitable Trust has secured a £35m funding injection after completing a private placing.
The money, which complements its existing £120m financing from Lloyds Bank, has come from BAE Pensions and will be used to allow for the expansion of its retirement village portfolio.
The Coventry-based trust currently supports 4,400 older people in 17 housing schemes and 14 villages which are an alternative to nursing homes and care homes.
Chris Skelton, finance director of The ExtraCare Charitable Trust, said: “It brings certainty to our future plans and will allow us to progress our ambitious development plans and improve the lives of many more older people.”
Law firm Pinsent Masons advised the Trust on the placement funding from BAE Pensions, and its multi-discipline team was led by partner Edward Sunderland.
He said: “In structuring a holistic financing solution, we have helped to ensure that the Charity is positioned in the best possible way to help it to achieve it’s mid to long-term growth strategy.”

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