VIVID has secured a new £100m sustainability-linked revolving credit facility (RCF) with HSBC UK.
The five-year facility has embedded targets for delivering sustainable homes, while maintaining high standards of governance.
Jonathan Roberts, group treasurer of VIVID, said: “Our development colleagues keep us in the market for new funding. We spent about £0.5bn on new homes last year. The deal is keenly priced, a testament to our financial strength. It’s great to bring a renowned bank into our funding pool. We’re excited to see how this relationship can grow in the coming years.”
Duncan Brown, chief finance officer of VIVID, added: “It’s been a pleasure working with HSBC UK on a deal that showcases VIVID’s ESG credentials. We’re excited to bring in a new lender into our funding pool, well known in the UK with a growing footprint across the housing association sector.”
David Whelan, director of real estate finance – social housing, at HSBC UK, said: “HSBC UK are delighted to have been able to support VIVID with this new sustainability linked lending facility as the group press ahead with the development of new affordable housing whilst continuing to serve their existing customers and communities. We have built a strong relationship with the VIVID team, enabling a smooth and timely process to completion and we very much look forward to supporting VIVID into the future”
Louise Leaver, partner from Bevan Brittan solicitors, added: “We were delighted to be able to work with such great teams at VIVID and HSBC UK to deliver this new sustainability-linked funding which will see even more homes being built.”
Helen Hunter, partner at Addleshaw Goddard, said: “[We are] delighted to have supported HSBC UK with this new sustainability-linked loan facility to VIVID, enabling them to meet key internal housing development targets which in turn support the current national housing strategy.”
