NatWest lends £50m to Great Places

The loan will support delivery of social housing for rent across the North West and Yorkshire.

NatWest said the facility was part of its £1bn social rent loan fund, ringfenced to support the delivery of new social rent homes across the UK by the end of 2028.

Great Places owns or manages over 28,000 homes across the North West and Yorkshire and provides affordable housing for thousands of individuals and families.

Mike Gerrard, chief financial officer at Great Places Housing Group, said: “Demand for affordable housing continues to grow across the North West and South Yorkshire, so securing investment that enables us to build more social rent homes is vitally important.

“This £50m social loan from NatWest, alongside grant funding, will support the delivery of around 500 new social rent homes, helping more people access a high-quality, affordable home in the communities where they want to live.”

Great Places was formed in 2006 through the merger of Manchester Methodist Housing Association, Ashiana Housing Association and Space.

Great Places was advised by Savills Financial Consultants, as treasury adviser, and Devonshires on legal advice.

Mike Roche, director at Savills Financial Consultants, said this was “a great low-cost solution specifically focussed on the delivery of social rented affordable housing”.

Martin Skinner, director, housing finance at NatWest, said: “Housing associations play a vital role in addressing housing need and supporting communities across the UK.”