Community Gateway Association has raised £95 million in its first private investment.Advertisement
The cash injection will support the housing association deliver its corporate plan, which includes building 600 affordable rented homes by 2024. Some of the funds will be used to repay existing loans.
The July deal, which was virtually brokered with support from Savills Financial Consultants, Barclays and legal advisers Trowers and Hamlins, drew strong investor interest.
As a result, the organisation was able to achieve £30 million more than it had originally planned.
Read More: Preston housing association joins post-COVID-19 social campaign
Craig Garner, Executive Director of Resources, said: “This is a significant milestone for us.
“We are delighted to have secured this investment, which will enable us to drive forward our ambitious development programme to build a range of high-quality, modern homes that meet the needs of local residents.
“We would like to thank our partners who supported us over recent months to achieve this outcome.”
Read More: Preston homeless shelter residents given new homes during coronavirus pandemic
CGA was formed in 2005 from the stock transfer of homes from Preston City Council and now manages around 6,600 homes across Preston and beyond.
Looking for a move?
It is nearing completion on the Courtyards extra care scheme at Ingol, and its next major development will see around 90 homes built on a site at Lightfoot Lane, with further schemes in the pipeline.
Read more: See the latest Preston news and headlines
What do you think of the investment? Let us know in the comments.