Housing association secures £75m for new homes
Published by Max Salsbury for 24dash.com in Housing and also in Finance
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L&Q has secured a £75 million finance package to develop and purchase new property.
The 70,000-home provider says the deal with HSBC Corporate Banking Real Estate will help to bring more 'affordable' housing to London and the South East.
Last year, L&Q started or completed work on over 3,000 new homes, and currently has a further 12,000 homes in the pipeline.
Andy Armstrong, HSBC's head of corporate banking real estate for Europe, said: “There has been a lot of comment over the difficulty people have getting on the housing ladder in London and the South East, and as such the service that L&Q offers is becoming ever more important.
“L&Q plays an important role in social housing, and is a business which is going from strength to strength. This £75m debt facility we have agreed will enable L&Q to build more homes in and around London, giving families in need of accommodation a viable option. L&Q is a strong business with a very good track record.”
Martin Watts, L&Q's head of treasury, added: “HSBC’s choice to re-engage in the housing association sector with L&Q recognises and reflects our status as a leading social enterprise. The £75m debt facility will be used to support our ambitious, but measured, £2 billion development pipeline.
"We believe that the strength, depth and cultural fit of HSBC will allow them to play a pivotal role in our future vision and we see this deal as the foundation of a long-term relationship.”