Magna secures £150m investment in new homes

Our partners Centrus, as treasury advisors and debt arrangers, and Bevan Brittan, as legal counsel, supported us to agree new financing deals with three banks.

The funding includes a £70m loan from Allied Irish Bank and £80m of flexible credit arrangements with Barclays and Nationwide.

The money will enable our ambitious plans to significantly grow the number of new homes we create for local communities. We plan to double our contribution to tackling the shortage of affordable housing by delivering up to 300 homes a year over the next five years.

We already provide more than 9,000 homes to more than 20,000 people across Dorset, Somerset and Devon.

Alongside this, we plan to continue to invest in the condition of its existing homes, including energy efficiency improvements partly funded by the government’s Warm Homes Plan.

Ian White, Head of Finance at Magna, said:

“We're delighted to have secured funding to enable Magna to continue to deliver more new, affordable homes in line with our strategy. The support from Centrus and Bevan Brittan not only ensured appropriate governance but most importantly achieved best value, allowing us to keep more cash to invest in new homes, sealing a great job done by all.”