East Ayrshire housing association to tap £ 10m funding package from RBS
An East Ayrshire housing association has obtained a £ 10.5 million funding package to refinance existing debt and provide a springboard for future expansion plans.
Shire Housing Association, which i s headquartered i n Cumnock, will also use the Royal Bank of Scotland funding to enhance existing office and tenant facilities.
The association owns and manages 963 homes across 15 locations in East Ayrshire, provides estate maintenance services to some 900 homeowners and has an annual turnover of more than £ 5m.
Now that the funding has been secured, Shire is looking to upgrade its office space and aims to incorporate tenant and community facilities into its HQ which residents in the area would be able to use.
Claire Donnelly, head of corporate services at Shire Housing Association, said: “We are committed to delivering great homes for great people whilst maintaining vibrant communities. The funding from Royal Bank of Scotland is a significant enabler to financial flexi bilit y within t he business which will help us achieve ambitious goals.”
Earlier this year Natwest Group, which RBS is a part of, announced that it will be investing £ 3 billion in social housing across the UK over the next three years which will be used to support the construction of 20,000 homes.
Alan Newlands, housing finance and real estate finance director at RBS, said: “As a new customer, we look forward to working with Shire Housing Association for many years to come as we help provide financial flexibility to fulfil its business aspirations whilst s uppor t i ng East Ayrshire communities.”
Addleshaw Goddard and Aquila Treasury & Finance Solutions acted for Shire in the transaction. Brodies LLP acted for Royal Bank of Scotland.