Partner Article

Housing group secures funds to push ahead

Leading independent housing and regeneration firm, the Regenda Group, has raised £55m in a private arrangement with M&G Investments.

The group, which is based in Bolton, manages more than 13,000 properties for rent or sale across the region and provides homes to 25,000 people and their families. The deal, concluded with RBS acting as agent, is in addition to a £10m facility Regenda agreed with the Yorkshire Building Society earlier this year. Catherine Lynagh, Regenda Group’s executive director of finance, said: “We are delighted to have secured this deal. We attracted a good level of interest and the very competitive level of pricing we achieved is testament to the strong financial position of the Group.” Last year, Regenda unveiled an ambitious corporate plan, which set out proposals to provide 1,000 additional homes in the coming years. Already the group has purchased a private lettings agency to deliver these aims and has acquired 170 homes in Cheshire in a stock transfer with Guinness Northern Counties earlier this year. The plan also sets Regenda on a path to increase its commercial activity to support its core social purpose. David Jepson, interim chief executive, added: “This deal places the group on exactly the right path to continue with our growth and development ambitions; ensuring we have sufficient funding in place to deliver our aims in the period of our corporate plan and beyond.” Mark Davie, head of social housing at M&G Investments, says: “We are pleased to have completed this financing deal with Regenda Group, which will enable them to achieve their goals over the coming years. We’ve now invested well over £3 billion in UK social housing and plan to continue to do so.”

An ambitious plan to revitalise an Oldham estate has moved forward the signing of a pioneering agreement between Oldham Council and Regenda . Regenda has been working on a 10-year, £5m scheme for Limehurst Village for almost a year, looking at ways to improve the environment, housing, recreation and employment opportunities. Although Regenda has always worked closely with local partners, including the council, a new Neighbourhood Co-operative Agreement between the two has just been signed to mark a refreshed relationship and shared ambitions for improvement and success.

Steph Harrison, Regenda executive director, said: “The signing of the Neighbourhood Co-operative Agreement marks the start of a whole new level of partnership working in Limehurst. Together, we hope to achieve even more for local people.” Councillor Jean Stretton, Oldham Council’s Cabinet Member for Cooperatives and Neighbourhoods, said: “I’m really excited about this – it’s an excellent example of the kind of co-operative approach that Oldham Council is committed to.”

This was posted in Bdaily's Members' News section by Simon Malia .