Two RCBs for Hightown Housing
Hightown Housing Association is a charitable housing association operating in Hertfordshire, Bedfordshire, Buckinghamshire and Berkshire aiming to help people who need support and care or who cannot afford to buy or rent a home at market values.
Hightown has raised finance through two RCBs – in October 2017, the offer raised £31.5 million (plus £6.5 million in retained bonds), and in 2015 the offer raised £27 million.
David Bogle, chief executive, Hightown Housing Association, said: “We were delighted the bond issue was so successful. Affordable homes are in very high demand in our area and it will help us fund the work we do in providing high quality homes to those who cannot afford to rent or buy at market prices.
“The success of the latest RCB will help to support our development plans and allow us to continue to deliver much-needed affordable homes.”
Allia designed RCBs to make it easier and more affordable for charitable organisations to raise simple finance through bonds listed on London Stock Exchange. A bond allows borrowers to access medium-term loan finance with light covenants and fixed costs. Investors don’t require security either, allowing control of the charity’s assets to remain with its own board.
“I have no doubt that RCBs will continue to be an attractive option for unsecured loan finance for housing associations.” Bob MacNaughton, Chair, Hightown Housing Association
KEY FACTS: HIGHTOWN HOUSING ASSOCIATION
- Hightown manages almost 6,000 properties – around 3,400 of these are affordable homes for rent, 647 are supported housing units and 742 are homes for shared ownership.
- Hightown also provides housing and support to people with a variety of needs, including people with learning disabilities and mental health problems, young people and homeless people.
(Details correct as at March 2018)