‘Unprecedented’ funds for social housing

Law firm Harper Macleod has hailed the strength of Scotland’s housing associations as the company unveiled it is closing in on involvement in almost £500 million of social housing deals for this year.

The Glasgow-based firm has advised on deals worth a total of almost £500m for housing providers in the current financial year, claiming that the sector is enjoying an “unprecedented period” of investment.

In February the practice advised on and completed private placement investment deals worth a combined £70m for Cunninghame and Queens Cross housing associations, which will help to progress their affordable housing development programmes across Ayrshire, Dumfries and Galloway and Glasgow.

This follows a number of larger deals the firm advised on during 2018, including an £85m package for Kingdom Housing Association and a £127m refinancing for River Clyde Homes.

Derek Hogg, partner and coleader of Harper Macleod’s housing team, said: “The past few years have been an unprecedented period for registered social landlords in Scotland in terms of attracting long-term finance for their development plans at attractive interest rates.

“We are fortunate in this country to have a large number of very well run, ambitious housing organisations, which means that the sector as a whole is seen by institutional investors as a safe sector to invest long-term money and these deals have a potential knock-on effect for others looking to secure funding to back their vision.” 0 Derek Hogg of Harper Macleod’s housing team