One Housing, a leading developer and provider of homes, care and support in London and the South East, has raised impressive new finance, having increased liquidity arrangements by £235m by completing £150m of new revolving credit facilities and £85m of amended revolving credit facilities, with over £25m of new project finance.
This funding exercise was driven by opportunity and a drive to increase One Housing's liquidity in response to the current market uncertainty.
The new revolving loan agreements have been provided to One Housing Group Limited ('OHGL') by MUFG (Mitsubishi UFJ., Financial Group), Sumitomo Mitsui Banking Corporation and Yorkshire Building Society. Increases and extensions to existing facilities have been provided by Allied Irish Bank and Royal Bank of Scotland. Project finance has been provided to specific development schemes by Close Brothers, Royal Bank of Scotland and the Greater London Authority.
One Housing was supported in the new funding exercise by Centrus Advisors, who managed the process from Information Memorandum issuance to assisting lenders in obtaining credit approval.
Paul Rickard, Chief Finance Officer 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 the current uncertain operating environment. We expect to build on this with additional fundraising in the near term."
Sanjay Narbheram, Director, Housing Finance at MUFG said
"This is a pivotal moment for One Housing Group, and being able to provide financing at a time of strategic growth is clearly in line with MUFG's objective to support the UK social housing sector with building new, affordable homes. We look forward to supporting One Housing Group's strategic growth in the future."