Glasgow's £4bn stock transfer inched closer to completion this week as lenders met to confirm the details of Glasgow Housing Association's business plan.
As part of the due diligence process, the consortium of lenders – led by the Bank of Scotland and Royal Bank of Scotland – checked the accuracy of the assumptions on which the business plan is based.

If the plans are judged to be sound, the consortium is expected officially to agree to lend £850m to the GHA for repairs and renovation of the 80,000 properties currently owned by Glasgow council.

A GHA spokesperson said the process, which has been dogged by problems and opposition, was very close to completion, and that transfer will take place in a matter of weeks after Scottish first minister Jack McConnell gives his consent – expected by the end of the month.

The Scottish Executive is understood to have reassured lenders that continuing attempts by anti-transfer campaigners to mount a last-minute legal challenge to the transfer pose no risk to the safety of their loans.

Source

Housing Today