Danske Bank agrees £50m funding package to build 1,000 affordable housing
Northern Ireland’s Danske Bank has agreed a £50m funding package with English housing provider Origin Housing Ltd, which will aid the delivery of more than 1,000 new homes over the next five years.
Origin Housing is a registered social landlord which manages over 6,900 homes in 14 communities across North London and Hertfordshire. Tracing its history back to 1924, when it started life as the St Pancras House Improvement Society, Origin now provides a range of affordable housing as well as support services to vulnerable residents.
The new £50m facility will be used to help finance Origin’s development plan to deliver 1,089 new homes in the next five years, 80% of which will be affordable housing, as well as to improve the quality of its existing housing stock.
The plan will increase Origin’s housing stock by around 15%.
Gloria Yang, Deputy CEO and Finance Director at Origin Housing said: “This funding package will help us greatly with plans to deliver much needed new stock to meet ongoing demand for social and affordable housing in the communities we serve in London and Hertfordshire.
“Housing is a long-term commitment, so it is important to us that we build new homes to meet future needs and continue to invest in homes that people are proud to live in. We believe good quality affordable housing is a foundation for a successful life.”
She added: “Danske Bank showed a great understanding of the social housing sector and really got to know the details of Origin’s long history. That the Danske Bank team shared the same passion for our social purpose and demonstrated their support for our mission really took the relationship beyond a simple commercial transaction for us.”
Mark Canning, Head of the Corporate Relationship Team at Danske Bank, said: “We are delighted to have been able to provide this funding to Origin Housing and we look forward to supporting the organisation’s growth and its programme to build new affordable housing over the next five years.
“Danske Bank has been a lead bank provider of finance to the social housing sector in Northern Ireland for many years. We are pleased to have completed another significant transaction in England, as part of our strategic growth plan is to be more active in helping the sector across the rest of the UK.”
A message from the Editor:
Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.
In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper whenever you are able to do so.
Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.
With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper when you can safely.
You can also enjoy unlimited access to the best news from across Northern Ireland and the UK by subscribing to newsletter.co.uk
With a digital subscription, you can read more than five articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.