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Gloucestershire Business News

Gloucester City Homes lands £130million funding deal

Gloucester City Homes (GCH) has struck a £130million funding deal with Natwest.

The finance package includes £30m in new funding for investment in existing and new homes.

The deal significantly extends the level of commitment from NatWest, in terms of both loan maturity and funding amount, extending £100m in existing loans for 10 years.

GCH said it will spend £19m on energy efficiency improvements to ensure all homes are at least EPC C by 2030.

The housing provider is behind projects such as the £4million development of 25 new flats being built in Northgate Street  by Gloucester-based Aqua Construction.

It said it will use the new funds to invest £60m to deliver almost 400 new homes - including 150 through the regeneration of some existing estates - to help tackle housing need in Gloucester.

Anne Southern, executive director of business resources at GCH, said of the Natwest deal: "In a time when the sector is facing so many challenges in tackling the housing crisis, GCH is delighted to have completed a new funding arrangement with our existing funders at NatWest and we look forward to building on our already strong relationship with them.

"The new arrangement will enable us to continue to invest in communities across Gloucester, improve the energy efficiency of many of our homes, deliver regeneration in our communities and build much-needed new homes.

"The team at NatWest, along with those at Savills Financial Consultants and Anthony Collins Solicitors, have worked with us to create a deal that allows us to build on our success and also create certainty on cost for a significant amount of our funding."

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