One Housing secures £20m through Islamic bank

Published by Max Salsbury for 24dash.com in Housing and also in Development

One Housing Group has secured £20m in funding from the largest Islamic bank in Europe, BLME.

The three-year finance facility will be used by the housing association to develop 68 apartments for private sale and commercial space in Hackney.

Six of the units will be made available for shared ownership.

Martin Heys, One Housing's group finance director, said: “With government grants being cut we are looking at new ways to fund our development projects and to continue to build more affordable homes across London and the South East.

"Our new partnership with BLME is just one of the ways we plan to keep building into the future.”

According to its company website, BLME is led by a management team that brings together a combination of experienced international bankers and leading experts in Islamic finance.

One Housing Group manages over 14,000 homes across London.