ABN-Amro provides £50m package for Yorkshire homes

Bradford-based social housing provider Incommunities has secured a new five-year revolving credit facility with the Dutch bank.

The loan marks the beginning of a new partnership with the bank, Incommunities said.

The housing provider said it will use the funds to continue to deliver its commitments to invest in existing and new homes in communities across Bradford and Yorkshire.

Incommunities has targeted 1,500 new homes over the next five years, while it also has improvement programmes lined up across its existing estate.

Chatham Financial and Devonshires advised on the deal.

Executive director of finance at Incommunities, John Wright, said: “This is excellent news for us. We welcome ABN AMRO as a new banking partner and look forward to working with the ABN AMRO team.

“Both the competitive pricing and flexibility within this new funding will enable us to further invest in our existing homes, delivering on our commitment to our customers. Thank you to our advisors, Chatham Financial and Devonshires, for their collaborative effort, insight and support leading to securing this new facility.”

Projects started this year by Incommunities include the demolition of the eight-storey York House in Thorpe Edge, while the firm is also progressing 42 homes at Valley Road, Shipley.

ABN AMRO Bank’s head of UK coverage real estate, Rutilio Merien, said: “We are delighted to start this partnership and provide Incommunities with new funding, facilitating its commitment to develop new homes as well as improving existing ones.

“ABN AMRO Bank is pleased to further support the Social Housing sector and look forward to building a strong and long-term relationship with Incommunities.”