56,000-landlord also looking to invest £450m in improving existing homes
Home Group has secured new credit totalling £260m as it seeks to invest nearly £1bn in developing new homes and upgrading existing stock.
The 56,000-home landlord has agreed a new revolving credit facility of £110m with Barclays. It has also extended its existing facilities with Lloyds (from £200m to £250m), HSBC (£125m to £175m) and Nationwide (£90m to £140m).
The new finance means Home Group now has undrawn loan facilities and cash totalling £500m.
It plans to use the finance as part of its plan to develop 6,000 new homes between 2024 and 2029 and invest £450m in improving its existing homes.
Steve Hallowell, director of treasury and investor relations at Home Group, said: “The strategy at this point focuses on increasing the pool of revolving credit facilities available to support our investment ambitions.
“We do expect to return to the capital markets for longer dated funding in future to repay drawn facilities and refinance some our shorter dated funding.”
Home Group completed 1,284 homes in the year to 31 March 2024, an increase of 17% on the previous year.
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