£10m injection for housing firm expansion
SOCIAL housing supplier Pickering and Ferens Homes has been given a £10m funding package to help with ambitious growth plans.
Pickering and Ferens plans to develop 122 homes over the next three years in Hull and East Yorkshire following an injection via an aggregated bond issued by The Housing Finance Corporation.
It is being provided through its Affordable Housing Finance (AHF) subsidiary, which earlier this year issued £161m bonds priced at 2.61%.
A team from regional law firm Andrew Jackson led by Philip Ashworth, corporate finance partner including Helen Mellors, Matthew Smith and Grace Howell advised Pickering and Ferens on the funding package.
Pickering and Ferens’ chief executive, Claire Warren, said: ” We were delighted at the detailed technical input received from the team at Andrew Jackson and more than pleased that tight deadlines were achieved to enable a timely drawdown of funds from AHF.”
Philip Ashworth said:”We are very pleased to have been able to help Pickering and Ferens achieve its objectives and secure the funding required to realise the much needed expansion of its successful social housing portfolio.
“This type of funding is unusual and was available to qualifying social housing providers through AHF, enabling them to flourish by having access to very competitive long-term funding lines.”
The transaction follows the Andrew Jackson team’s recent involvement in the arrangement of an £11m property funding line from the Luxembourg based specialist property fund, ICG Longbow Debt Investments No4. S.A.R.L, providing finance for the purchase of 87 student houses from the University of Hull for Kexgill Limited.
