Trent & Dove secures £50 million growth loan
We are delighted to secure a £50 million loan, accelerating our ability to provide much-needed housing and to continue to invest in our existing homes.
The loan has been funded by the Government’s Affordable Homes Guarantee Scheme and will allow us to grow in our local rural and urban areas, enabling us to build another 200 affordable homes with over 140 homes for Social Rent.
Loans under the Scheme, facilitated by investment manager Venn, are funded by a bond issuance programme which is backed by a guarantee from the UK Government. This presents a cost-effective source of short, medium and long-term borrowing for the Social Housing sector as the lower pricing is passed on to borrowers.
Jan Griffiths, Resources Director at Trent & Dove, said:
“Securing £50 million through the Affordable Homes Guarantee Scheme marks a pivotal moment in Trent & Dove's mission to provide homes and services that enable people and communities to thrive.
“This investment will accelerate our ability to provide much-needed housing for those who need it most, regenerate neighbourhoods and unlock new land opportunities. In addition, the funding will also support improvements to our existing homes, ensuring that our current customers benefit from warmer, safer, and more sustainable living environments.
“We’re proud to be driving forward a bold and ambitious vision for growth that puts homes, lives, and communities at the heart of everything we do.
“We would like to extend our sincere thanks to all the external parties who supported us throughout this process - including our funding advisors, legal teams, and colleagues at Venn. Their expertise, collaboration, and commitment were instrumental in helping us secure this investment.
“This achievement reflects the strength of our partnerships and our shared dedication to delivering lasting impact for the communities we serve.”
Trent & Dove and London-based Wandle are the two housing associations that will benefit from the cash boost.
The two loans were funded by issuing further bonds under the Scheme’s existing 2033 bond series. The sale of the bonds, which are guaranteed by the UK Government, achieved attractive pricing of G+40bp, resulting in an all-in yield of 4.889%.
Will Roberts, Director at Venn, said:
“We are delighted to welcome Trent & Dove and Wandle as new borrowers under the Scheme.
“While they operate in very different parts of the country and face some different challenges, they have a common goal in developing and providing safe, affordable homes to their communities.
“We’re keen to help associations with different challenges, across the country, tap into the same competitive cost of funding to help them develop more homes and invest in the quality of their existing ones.”