L&G finances 900-strong UK resi package

Legal & General (L&G) has granted a £40 mln (€50 mln), 20-year debt facility to Rooftop Housing Group to support the delivery of up to 900 affordable homes in the UK by 2018.

Formed in May 1993 with a portfolio of 4,020 homes from Wychavon District Council in South Worcestershire, Rooftop Housing Group focuses on affordable housing and generates an annual turnover of £31 mln.

Caroline Dykes, finance director at Rooftop Housing Group, commented: 'We look forward to working closely with L&G over the next 20 years as we bring forward a significant development pipeline. By staggering the drawdown over the period through to August 2015, the loan takes a much more flexible and innovative approach to supporting our cash flow requirements than standard solutions in the market.'

Other recent social housing deals concluded by L&G have included a £50 mln, 40-year debt facility to Housing Solutions, a £102 mln, 15-year debt facility to The Hyde Group and a £40 mln, 25-year debt facility to Thames Valley Housing Association.

L&G also recently secured a portfolio of over 4,000 housing units, let to Places for People on a new 50-year lease, for £252 mln.