Brighter Places, Bristol’s largest independent housing association, has secured £40m funding with Scottish Widows that will underpin its commitment to invest in its existing homes and deliver 1,000 new homes over the next five years.
The long term fixed funding deal will support Brighter Places’ new Corporate Strategy 2022-27 that focusses on providing great customer experience, safe and secure energy efficient homes, and addressing the affordable housing shortage within Bristol.
Brighter Places was formed just 12 months ago following the merger of Solon and United Communities housing associations and currently manages 3,300 homes in Bristol and the surrounding areas. Securing the Scottish Widows funding is based on a recognition of the values and purpose of Brighter Places and it’s track record of successful delivery and partnerships.
Grant Giles, Finance Director at Brighter Places said:
”This funding from Scottish Widows is a massive vote of confidence in Brighter Places and our ability to deliver our ambitious five-year plan. It will underpin our commitment to improving the services and quality of homes we provide to our customers which includes retrofitting existing homes to make them energy efficient to help ease the pressure of spiralling energy costs on our residents and tackle climate change.
Plus the funding provides vital long term financial security so we can confidently commit to delivering 1,000 new and much-needed energy efficient homes by 2027 as we continue to work with and invest in our communities in Bristol and the surrounding areas.”
Chris Tomarelli, Associate Director at Scottish Widows said:
“We are very pleased to have worked with Brighter Places on this transaction and to structure a funding solution which supports its continued delivery of new high quality, affordable and energy efficient housing in Bristol and the surrounding areas.
We are committed to supporting associations with the development of new homes to help address the housing shortage across the UK. We look forward to our new long-term relationship with Brighter Places as it delivers on its five year corporate strategy and beyond.“
The funding deal was supported by legal advice from Devonshires and Trowers & Hamlins and Pinsents acting for the funders. Treasury advisory services were provided by Savills and JLL provided valuation services.
Alex Morgan, Director at Savills said:
“Following our support throughout the merger that created Brighter Places last year, Savills Financial Consultants are delighted to have now helped deliver a funding package through Scottish Widows that meets all of the key objectives of Brighter Places’ treasury strategy. The transaction delivers very long-term, fixed rate funding at low cost and with the flexibility to defer drawdowns over the next two years.”