£50m HSBC loan to fuel development of 600 homes

A £50m funding package has been provided by HSBC to an investment management firm, which is aiming to build more than 1,300 homes across the UK.

The funds will be used by Man GPM as part of its initial plans to build 600 homes across the Midlands, South East, Cambridgeshire and East Sussex.

£24m of the funding for Man GPM, the private markets business of the Man Group will be delivered through HSBC’s Social Loan Principles – where the loan will help social issues and challenges.

Shamez Alibhai, managing director and head of community housing at Man GPM, said: “Working with HSBC UK significantly enhances the ability to realise our ambition to create more affordable, sustainable homes in the UK. The funding represents our Community Housing team’s first ESG loan, which is an important milestone for us.

“We look forward to working with the HSBC UK team to deliver more affordable homes and ultimately help create sustainable, vibrant communities.”

Dan Wright, head of housing at HSBC UK, added: “HSBC UK is committed to helping its clients accomplish their social responsibility goals.

“The provision of affordable housing not only makes good business sense but more importantly will have a big impact on our communities.”

Man GPM was advised by JLL debt advisory.