A 40,000-home housing association has secured £300m in additional funding to support its target of delivering 1,000 affordable homes a year.
Rob Griffiths, deputy chief executive of Amplius (right): “These packages represent another landmark for Amplius”
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Five major banks back large landlord with £300m funding package #UKhousingAmplius, which was formed through the merger of Longhurst Group and Grand Union Housing in December 2024, has agreed financing packages with five lenders: Barclays, HSBC, Lloyds, Nationwide and NatWest.
The funding includes enhanced revolving credit facility agreements, as well as retrofit and social rent packages.
The largest package has been agreed with NatWest, at £110m. Lloyds is providing £65m, HSBC £55m, Nationwide £50m and Barclays £20m.
Amplius said the additional funding will be used to support its development programme, invest in existing homes and help deliver its environmental ambitions.
The landlord owns and manages more than 40,000 homes across the Midlands, the East of England and the South East.
Rob Griffiths, deputy chief executive at Amplius, said: “These packages represent another landmark for Amplius and will help us to improve our affordable housing offer as we ensure we’re doing everything we can to enable people to thrive within the communities we serve.
“One of the key drivers behind our merger is to go further and do more for our customers and this level of investment will help us provide more new homes and make our homes safer and more energy efficient.”
Mr Griffiths said the two legacy organisations already had strong relationships with four of the lenders, while HSBC was a new facility.
He added: “By unlocking this funding, we’ll be able to deliver our development targets, provide warm, safe and quality homes for our customers and create communities where people are pleased to live.”
Amplius was advised by the treasury team at Savills and the banking and finance team at Winckworth Sherwood.
Sarah Whitty, partner at Winckworth Sherwood, said the facilities would play “a key role” in enabling Amplius to deliver its strategic ambitions, including its retrofit programme.
Mike Roche, director at Savills Financial Consultants, said the work had “unlocked capacity” for Amplius as a larger organisation following the merger.
He added: “The debt and hedging portfolio has been carefully restructured to provide the necessary liquidity and protect Amplius from the current turbulent markets.”