£110m deal will support plans to build 1,500 homes over next five years
West Yorkshire housing association, Incommunities, has agreed to a £110m funding deal with NatWest to support future investment and expansion plans.
The housing provider, based in Shipley, is embarking on plans to build up to 1,500 affordable homes over the next five years.
Funding will also be used to support investment into Incommunities’ current housing portfolio which is made up for more than 22,000 properties.
The package from NatWest includes an additional £50m Revolving Credit Facility.
Earlier this year, NatWest unveiled plans to provide a further £5bn in funding to support the social housing association sector by the end of 2026.
It is hoped the funding will facilitate the delivery of a pipeline of housing across the UK including social housing projects.
Andrew Dexter, relationship manager, corporate real estate finance at NatWest, said: “We are happy to increase and extend our lending relationship to Incommunities.
“The management team at Incommunities are committed to providing quality housing across West Yorkshire and the new funding will enable Incommunities to create desirable housing in a range of communities across the region.”
John Wright
Chatham Financials, Devonshires and Pinsent Masons supported the latest funding deal.
Incommunities was established in 2003 through the transfer of housing stock from Bradford Metropolitan District Council. Most of Incommunities’ properties are in and around Bradford.
John Wright, executive director of finance, said: “We are pleased to have continued our long-standing relationship with NatWest as a key funding partner.
“Securing this additional £50m funding is a major landmark for Incommunties and will help us to achieve our ambitions to provide safe, good quality and affordable homes that meet the needs of people across the region, creating places where people want to live.”
