£225m in New Loans to Fund Investment in New and Existing Stock

Great Places Housing Group has secured £225m in new funding from three banks to support investments in both new developments and existing properties.

The Manchester-based housing association, which manages 26,000 homes across North West and South Yorkshire, received £50m from NatWest, £75m from Santander, and £100m from Nationwide – its newest lender. 

The loans, structured as 10-year term debt facilities, build on a £284m loan package announced in April 2024, also involving NatWest and Santander. Savills advised Great Places on both financing deals.

The funds will help develop 4,000 new affordable homes and enhance existing properties, aligning with the association’s broader corporate strategy to improve communities. 

A key feature of the agreement includes sustainability-linked performance measures, offering a reduced interest rate if Great Places meets energy efficiency targets across its housing portfolio.

Mike Gerrard, Chief Financial Officer at Great Places, emphasised the impact of the investment:
“These additional funds will allow us to continue our ambitious development plans, upgrade our current housing stock, and make a lasting difference in the communities we serve. We’re particularly pleased that these agreements incorporate sustainability-linked incentives, reinforcing our commitment to energy efficiency and sustainability.”