Centrus advises One Housing in raising £150m, establishing 3 new banking relationships

Centrus advises One Housing in raising £150m, establishing 3 new banking relationships

One Housing was supported by Centrus in this new funding exercise, from producing a very comprehensive Information Memorandum, engagement with potential lenders, through to completion of the transactions.

Following strong interest from potential lenders in response to the Information Memorandum, three new banking relationships were established. Revolving Credit Facilities were arranged with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation and Yorkshire Building Society providing increased liquidity with flexible terms and a range of tenors.

Notable features of this fundraising are One Housing’s current G2 rating with the Regulator for Social Housing and the presence of Sumitomo. Centrus has a strong track record in supporting banks to enter the sector for lending to housing associations, which we see as important in providing competition and ultimately greater choice for our clients, with Sumitomo representing the latest displaying strong appetite and commitment, as per the recent funding package secured to A2Dominion.

One Housing manages around 16,000 homes for 35,000 residents and provides 9,000 people with the care and support, operating across London and the South East. Over the next 10 years One Housing plans to develop 5,000 new homes with at least 50% for London living rent, affordable rent or shared ownership.

Centrus Managing Director Paul Stevens commented:

“We were delighted to work with One Housing on this highly successful finance raising, delivering flexible lines of liquidity to support the development programme whilst establishing strategically important relationships with three new supportive lenders”.

Peter Moore, Director of Corporate Finance & Treasury at One Housing said:

This further strengthens the liquidity of One Housing to help us deliver 5,000 new homes over the next ten years as well as protecting us against a less certain operating environment. We expect to build on this with additional fundraising in the near term. We were delighted to work with Centrus, who played a key role in identifying new relationship lenders for One Housing, both now and potential ones in the future.

 

Media coverage:

Large London housing association completes £235m refinancing – Inside Housing

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