- £140m secured to invest in tenants’ homes and build more affordable homes
- Santander and Barclays Corporate Banking continue as finance partners
- Enabling Two Rivers Housing to continue to deliver ambitious growth plans
Two Rivers Housing has secured £140m of new funding to support continued investment in its tenants’ homes and help build new affordable homes in Gloucestershire and the surrounding area.
Working in partnership with its funding advisers Centrus Financial, valuers Jones Lang Lasalle and legal advisers Trowers & Hamlins, the housing association completed a deal worth £90m with Santander and secured a further £50m revolving credit facility with Barclays Bank.
The funding will enable Two Rivers Housing to deliver its ambitious growth plans while ensuring existing tenants have warm, safe, affordable homes.
Speaking about the deal, Carol Dover, Deputy Chief Executive for Two Rivers Housing, said:
“Delivering great quality affordable homes has never been more important. Two Rivers Housing is committed to supporting the government’s 1.5 million new homes target. The new investment will allow us to continue to punch above our weight in building across both the Gloucestershire and Herefordshire regions.
“I’d like to thank the teams at Centrus Financial, Jones Lang Lasalle and Trowers & Hamlins for their expert support and guidance throughout the refinancing process and our funding partners Barclays and Santander who have been very supportive throughout.”
Darragh O’Keeffe, Relationship Director at Santander said:
“We are pleased to have supported Two Rivers with this funding, reflecting our strong partnership and shared commitment to delivering safe, affordable and sustainable homes.
“As a long-term supporter of the sector, we remain focused on enabling positive outcomes for communities through flexible, strategic financing.”
Neil Hetherington, Relationship Director at Barclays Corporate Banking said:
“We are delighted to continue our funding partnership with Two Rivers Housing, with whom we’ve been a proud banking partner for more than two decades. The new facility supports their continued investment in their existing homes and develop much needed new social housing homes for the future.”
Tom Archer, Director at Centrus Financial added:
“This transaction strengthens Two Rivers Housing’s funding platform through competitive terms, improved flexibility and disciplined execution in a volatile market environment. It has been a pleasure to work with the Two Rivers Housing team throughout this enjoyable process.”
Two Rivers Housing manages more than 4,700 homes in the Forest of Dean, Gloucestershire and surrounding areas. In 2018, it pledged to build 1,000 new homes by 2028 and remains on target to meet that promise ahead of schedule.