Thirteen Housing Group has secured £100m (€118m) capital from UK and US institutional investors to help develop new homes.

The UK landlord said the new capital, which was secured by way of a private placement, will support the delivery of its development programme during the next five years.

Heather Ashton, Thirteen’s executive director of resources, said this is fantastic news for Thirteen as it means the company has secured long term funding at a very low, fixed cost that will help it to realise its growth and development ambitions.

“We’re really pleased with the feedback we received from investors throughout the process.

“It was extremely positive, and their confidence in Thirteen’s management team and governance has resulted in a fantastic outcome for our first private placement.”

Ian Wardle, Thirteen’s chief executive, said: “Over the next five years, we’ve pledged to invest more than £1bn into improving homes for existing customers, building new homes, making improvements to neighbourhoods and delivering support services offered to customers.

“By broadening our funding base in this way, we can continue to invest in existing customers as well as building the new homes that future customers want and need.”

In July 2017, Erimus Housing, Housing Hartlepool, Tees Valley Housing, Tristar Homes and Thirteen Care and Support joined in partnership to create one strong social purpose business called Thirteen. Thirteen is currently the largest housing association in the North East with over 34,000 homes.