SPECIALISTS from Thorntons have advised on a ‘landmark’ deal tipped to secure new social housing for some of the country’s most vulnerable people.
The Scottish law firm experts helped UK fund manager Social and Sustainable Capital (SASC) to agree a £4.925 million loan from its dedicated social housing fund to Registered Social Landlord (RSL) Blue Triangle.
Blue Triangle, which supports more than 400 people daily through its services and outreach work, will use the cash to invest in new properties across Scotland. It is the first organisation of its kind in Scotland to access SASC’s Social and Sustainable Housing Fund II (SASH II). The initiative aims to improve the lives of vulnerable individuals by supporting the provision of ‘safe, stable and appropriate’ housing.
SASC was advised by specialists from Thorntons’ social housing team including corporate finance partner Chris Allan and commercial property partner David Milne. They were supported by corporate finance solicitor Walter Buckman and trainee solicitor Donald Thomson.
Chris Allan said, “We are extremely pleased to have advised SASC on this transaction, and to support them in their funding of critical services. The funding will help Blue Triangle to increase its stock of much-needed social housing and help a greater number of vulnerable people at a critical time in their lives.
“In May, Scotland declared a national housing emergency in recognition of the significant housing and homelessness pressures faced by local authorities. Given the pressures RSLs are facing and the reduction in the programmes for the development of further social housing, innovative funding such as that provided by the SASH II fund is very valuable.”
Blue Triangle currently runs 26 services across 10 local authorities. 41% of those admitted to Blue Triangle services last year were under the age of 25 and 35% of those entering the services last year had experienced sleeping rough.
Gary Meek, CEO of Blue Triangle, added, “We are incredibly proud to be recognised by the SASH II fund and we have already started the process of purchasing property. In line with our sustainable development goals, Blue Triangle will utilise this funding to tackle poverty, reduce inequality and build sustainable cities and communities. As we head into our 50th anniversary, Blue Triangle looks forward to providing more supported accommodation and continuing our excellent work across Scotland.”
Mark Bickford, CEO, SASC stated, “We are delighted to invest in Blue Triangle, a charity with nearly five decades of dedicated service to homeless and vulnerable people in Scotland. This partnership not only enables Blue Triangle to expand its capacity to provide vital supported housing but also strengthens our commitment to supporting impactful Scottish charities.
“Through this investment, Blue Triangle will acquire over 60 properties, creating more stable, independent living options for vulnerable adults across the south of Scotland. This collaboration reflects SASC’s focus on sustainable housing solutions that transform lives and uplift communities.”
