Lloyds signs £70m funding facility with social housing investors

The floating rate RCF has an initial term of four years expiring on 20 December 2022 which may be extended by a further two years.

The credit facility is the trust’s second debt raise in 2018. The company, which invests mainly in newly developed social housing assets in the UK, targets a long-term level of aggregate borrowings equal to 40 per cent of the group’s gross asset value, subject to a limit of 50 per cent.

Triple Point said the RCF will provide the group with flexible committed capital, at an attractive margin, to help finance the acquisition of supported housing assets from its growing pipeline.

Chairman Chris Phillips said: “We are delighted to have secured a flexible RCF on competitive terms in order to maintain an efficient balance sheet, enabling us to act quickly on attractive investment opportunities.

“We are pleased to welcome Lloyds Bank as a new counterparty into our relationship group and value their continued support of the UK social housing sector. The level of lender interest we received on this transaction reaffirms the attractive fundamentals of this asset class.”