Legal & General announces that is has provided £95 million in long-term financing to support Newport City Homes (“NCH”) in their plans to deliver 1,000 affordable homes in Newport, Wales, over the next four years.
2 Aug 2019
As the third largest city in Wales, home to more than 150,000 people, Newport has undergone significant regeneration over the past 20 years. The city, which sits along the M4 corridor between Cardiff and Bristol, has delivered strong economic growth in recent years, with Newport exhibiting the highest level of house price growth across the UK in 2018. These factors have increased both demand for housing in Newport but also affordability concerns.
Since its formation in 2009, Newport City Homes has played a significant role in the regeneration of Newport city and today is the largest provider of social housing stock in the city, providing homes and services to more than 20,000 residents.
Steve Bolton, Investment Manager, LGIM Real Assets: "Newport City Homes are an important regional provider who play a major role in fulfilling affordable housing needs in South Wales. Legal & General’s Private Credit business has seen considerable growth over the last 12 months, with gross assets under management now at £12bn. This is another significant investment for the team, and further demonstrates both our commitment to housing in the UK, and our on-going support to organisations that make a positive impact on the communities they serve."