MetLife Investment Management has provided £120m (€140m) in capital to UK social housing provider Local Space to fund its future growth and deliver homes for Londoners in crisis.
Local Space said the funding, secured through a private placement agreement, will be used to rebalance the housing association’s “existing debt portfolio, from shorter variable rate to longer-term fixed-rate borrowing and provide funds for its future property acquisition and investment programmes”.
The investment will be provided in stages – £40m upfront, followed by £40m loans in February 2025 and 2026.
Josie Parsons, Local Space’s CEO, said: “We are pleased to have secured this agreement with MetLife Investment Management at a time when homelessness and those in temporary accommodation is becoming critical, particularly in London, with cost increases of up to 40% on temporary accommodation.
“The funding enables us to support those in need, with a focus on families with children, by providing stability via settled accommodation and alleviating the social impact that homelessness causes generations of a family.”
Stephen Valvona, private capital director at MetLife Investment Management, said: “We are delighted to extend our relationship with Local Space by providing funding over the next two years to support the provision of long-term, safe and secure homes to homeless families in East London.
“This additional investment in Local Space further emphasises our ongoing support for the UK social housing sector in addressing a shortage of affordable housing across the UK.”
To read the latest IPE Real Assets magazine click here.
Related Companies
- Previous
- Next
No comments yet