Jersey Homes Trust announces £60m funding deal

Wednesday, 11 December 2024 11:00

Jersey's largest independent social landlord has secured a £60 million pound cash supply to invest in rented homes.

The Jersey Homes Trust has refinanced - replacing its existing loans with a 25 year borrowing arrangement.

It has been provided by UK savings and investment company M&G Investments, which has a track record of arranging financing for Housing Associations.

JHT Chair Phil Le Cornu says it will allow it to continue to renovate its existing properties, and develop new ones.

“Since we established nearly 30 years ago, we now have almost 840 homes in our portfolio.

"The borrowings made to enable us to undertake those developments and refurbishments are maturing in the next few years, so we have taken the opportunity to step back and look at how to best arrange the Trust’s finances going forward.

"This arrangement enables us to maintain a healthy cash flow for reinvestment into island housing stock for the next 25 years.

"Whilst this is clearly a significant sum, it gives the JHT the ability to continue to renovate our existing homes as part of our ongoing refurbishment and modernisation programme.

" Also, and equally importantly, it enables us to invest in new opportunities, in line with building and planning policy, to develop affordable social rented housing for the people of Jersey for the long term."

Mr Le Cornu says the change won't have any impact on tenants.