DANDARA Living has secured a £60 million Green Revolving Credit Facility from HSBC UK.
The developer will use the funding to finance its existing pipeline of 11 Build to Rent (BTR) developments across the UK with capacity to accommodate in excess of 4,500 new BTR homes.
The first three sites, which have already secured planning permission, are in Birmingham, Glasgow and Bristol. The Glasgow Gh2o development will deliver 342 waterfront apartments in the city’s west end.
Ed Tynan, director of the Dandara Group, said, “As a large-scale BTR developer and operator, we are committed to managing the social, economic and environmental impacts of our activities responsibly. ESG is embedded in our business practices and operational procedures. In securing this new Green Revolving Credit Facility, we have increased our ability to deliver sustainable new homes which enhance residents’ lives and add long-term social and economic value to the communities we operate in.”
Hugh Taylor, head of housing for HSBC UK, added, “Not only will this deal give Dandara the flexibility it needs to roll out schemes across the country, it also enables the developer to respond to the housing challenge facing many of our major cities without compromising on sustainability. BTR developments of this kind have become an important part of the solution to our housing issues by providing flexible living options which reduce energy consumption, reuse materials and enhance biodiversity.”