Summary
Newent-based Two Rivers Housing has secured £20m of new funding to support continued investment in its tenants’ homes. The new loan with Principality Building Society (the leading building society in Wales and sixth largest in the UK) will be used to fund continued energy improvement work in the housing association’s homes across Gloucestershire, Herefordshire and the surrounding areas.
Details
The agreement follows an announcement of a £140m deal with long-term banking partners Santander and Barclays Bank made in April. Working in partnership with its funding advisers Centrus and legal advisers Trowers & Hamlins, Two Rivers Housing secured the deal, which will help it complete its warmer homes programme and meet the government’s energy performance requirements for social housing.
Carol Dover, deputy chief executive for Two Rivers Housing , said: “We’re committed to investing in our homes and neighbourhoods and this additional funding will help us deliver our warmer homes programme. Over the last few years, our tenants have seen huge rises in energy bills and face further financial pressure as the cost-of-living crisis continues to impact family budgets.
“We hope that by making our tenants’ homes more energy efficient, we can help alleviate some of that pressure and tackle fuel poverty in our communities.
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“I’d like to thank the teams at Centrus and Trowers & Hamlins for their expert support and guidance throughout the process as well as our new funding partners, Principality, who have been helpful and supportive throughout.” Jan Quarrington, senior portfolio manager at Principality Building Society , said: “We’re proud to be supporting Two Rivers Housing with funding that will help deliver and maintain much-needed affordable homes across Gloucestershire, Herefordshire and the surrounding area.
This partnership reflects our commitment to working with organisations that are making a meaningful difference in their communities.” Tom Archer, director at Centrus , said: “This completes the jigsaw of Two Rivers Housing’s’ recent treasury activity. This new loan introduces a new lender with a long-dated facility that compliments the recent transactions with Barclays and Santander.
It’s been a pleasure to work on this with Two Rivers and Principality.” Two Rivers Housing manages more than 4,700 homes in the Forest of Dean, Gloucestershire and surrounding areas. In 2021, it formed a consortium with Stroud District Council and Cheltenham Borough Homes to secure government funding for decarbonisation work in its tenants’ homes.
Report source: Punchline Gloucester
