Housing association in 1000-home plan after £100 million boost

A housing association has unveiled plans to build up to 1000 affordable homes after securing a £100 million boost.

Bernicia has been backed by Barclays Bank.

Bosses say the loan will be “crucial in helping tackle the North East’s housing shortage”.

They add the Ashington-headquartered operator – whose 14,000-home portfolio stretches from Berwick-upon-Tweed to Teesside – has refinanced an existing £20 million revolving credit facility with Barclays.

The latter will support a recently launched five-year corporate strategy that pledges a £400 million investment into properties and neighbourhoods.   

Janette Longstaff, Bernicia executive director of finance, said: “The support shown by the Barclays team reflects their ongoing confidence in Bernicia, our business, our people and our ambitious plans. 

“Securing this £100 million facility adds further strength and capacity, and will support us in the delivery of our new corporate strategy.”

Brian O’Connor, Barclays relationship director, added: “We are delighted to have supported Bernicia, strengthening its ability to invest in communities across the North East. 

“This new funding will help address critical housing need; it is a great example of partnership driving real social impact.”

Bernicia was advised by Centrus on its new facility, which is structured across two tranches.

Tom Archer, Centrus director, said: “We’re delighted to be supporting Bernicia as it looks to deliver on an ambitious and important strategy for the North East.”

Legal counsel was provided by Naomi Roper, a partner in the banking and finance team at international law firm Penningtons Manches Cooper.

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