Housing association secures £75m refinancing package
One of the region’s largest housing associations has secured a £75m refinancing package from Lloyds Bank.
Longhurst Group, which operates across the Midlands and East of England has also received an additional £25m of sustainability-linked funding as the firm looks to progress in ESG and housebuilding plans.
The revolving credit facility will also present Longhurst with discounts on the funding if certain KPIs be met such as, improving the average energy efficiency of its existing homes to at least EPC C by 2030, ensuring its new build homes outperform current minimum regulations and delivering an additional 300 new affordable homes over the next five years.
The association currently owns and manages around 24,000 homes as well as operating more than 80 care and support schemes. It also employs more than 1,200 colleagues.
By 2025, Longhurst wants to cater better for older, vulnerable, and disabled customers and deliver 600 to 700 new homes each year.
Rob Griffiths, deputy chief executive & chief financial officer at Longhurst Group, said: “It’s crucial that organisations like ours refocus on our ESG objectives as the post-Covid-19 dust settles, ensuring the communities we operate in have access to safe and sustainable housing for residents.
“We’re committed to doing this across the Midlands and East of England and look forward to achieving our goals with Lloyds Bank’s support.”
Jatinder Dhaliwal, relationship director and regional head of housing at Lloyds Bank, said: “Having worked with Longhurst Group for more than 20 years, we know how committed it is to the welfare of residents in its communities and the broader sustainability agenda.
“Its ambitious ESG KPIs will act as key milestones to help deliver its wider long term sustainability strategy. We look forward to seeing these being achieved and working together on future projects.”