North American investors back One Housing's £150m fundraise
One Housing has secured £150m (€164m) in long-term funding from North American and UK investors to help expand the firm’s UK housing, care and support portfolio.
The social housing firm said it has secured a mix of secured and unsecured finance to help advance its plan to develop 5,000 new homes over the next ten years, alongside expanding its care and supported housing offer.
One Housing currently manages 17,000 homes.
The company said the investors include a US investor who is new to the social housing market.
Ebele Akojie, One Housing’s CFO said: “We were able to attract interest from investors achieving a significantly oversubscribed order book.
“This demonstrates investors’ confidence in the diversity of One Housing’s service offering and our commitment to sustainable growth.”
Mitsubishi UFJ Financial Group (MUFG) Securities and NatWest Markets acted as joint agents and Centrus Financial acted as treasury advisors.
Mark Wells, head of structured debt capital markets for MUFG in EMEA, said: “US investors again provided a competitive alternative to the UK market with significant funding flexibility, meaning One Housing achieved a very strong outcome despite challenging market conditions.”
George Flynn, vice president at NatWest Markets, said: “As a bank we are delighted to have supported One Housing on this private placement transaction, delivering the first numerical apportionment basis security structure in the private placement market, a new institutional investor and a healthy balance of secured and unsecured financing.”
Jonathan Clarke, managing director at Centrus, said: “This transaction represents attractive and flexible financing to support One Housing’s ongoing development programme.”