Bank of Scotland has signed £147m of deals with housing associations.

The deals, with Signpost Homes, Severn Vale Housing Society and a consortium involving the bank, Sanctuary Housing Association and Dundee University will fund a mix of student and social rented housing.

Signpost’s £57m deal refinances old loans and provides new money for student accommodation and homes for market-price rent.

A spokeswoman for Signpost said the deal would fund around 1200 homes.

Sanctuary has set up a £60m special-purpose vehicle with Dundee University and Bank of Scotland to fund 1600 student flats. The development will be a mix of 1100 new-build homes and 500 refurbished properties to be completed over the next two years.

Sanctuary will manage the scheme and the university will nominate students for the homes.

Alan West, director of housing finance at Bank of Scotland, said the vehicle was charitable. “Surpluses will be reinvested in the student properties,” he said.

The university is also planning to build £42m of new teaching and research facilities.

The bank lent £30m to Severn Vale to fund new developments.

Barry Thompson, the housing association’s finance director, said: “We have 400 to 500 units coming over the next four years, a lot of shared ownership we hope.”

Source

Housing Today