Places for People in £100m finance deal

HOUSING Association Places for People has agreed a £100m finance package with Lloyds Bank.

It has secured a revolving credit facility with Lloyds Bank Commercial Banking which runs until October 2016. It replaces a previous £80m package from the bank.

London-headquartered Places for People has two regional offices in Preston.

It said it would use the finance to fund development programmes across the country across an estate of 143,000 homes it either owns or manages. In July it paid £77m for many of Manchester developer Urban Splash’s flagship schemes, including 654 apartments. It has previously raised £180m in two retail bond issues.

Tax and treasury director Chris Jones said: “We have been active in pursuing a diverse range of finance options for some time, particularly in tapping into the public markets, with investors showing great faith in our strategy. Our relationship with Lloyds Bank has been key in providing the working capital for our day-to-day operations and this new package extends that support.
 
“Places for People is committed to the development, growth and regeneration of living areas, and ultimately, ‘shaping places’ into environments and homes where people want to live. The new funding package means we can continue to invest in projects and public services, including schools, shops and leisure facilities, and help create thriving communities across the UK.”
 
Richard Hughes, relationship director in Lloyds Bank Commercial Banking’s social housing team, said: “Places for People is one of the UK’s largest property management, development and regeneration providers, with assets in excess of £3bn. Housing associations of such scale are hugely important to the future of the sector.
 
“This latest agreement extends our already long-standing relationship with Places for People and provides the working capital to continue to support successful regeneration projects and communities nationwide.”