Adra secures £20m for affordable homes in North Wales
Principality Building Society has made its first deal with the Gwynedd-area registered provider, agreeing a loan facility that will help the housing association in building more than 200 homes.
Adra manages more than 7,500 properties and has an aggressive retrofit programme in place to ensure all achieve an EPC of C by 2030.
The £20m loan from Principality’s commercial division will go towards both Adra’s new-build and retrofit goals. The financial agreement has already borne fruit, enabling the registered provider to complete 23 homes at Cae Perthi in Y Felinheli.
Adra director of resources Rhys Parry said: “We are delighted to have secured our first loan facility with Principality. This milestone marks an important step in strengthening Adra’s financial capacity to deliver additional homes, while continuing to invest in high-quality services for our communities across North Wales.”
On behalf of Principality, commercial lending director Richard Wales said that the bank was “delighted” to support Adra.
“As a Welsh lender, we’re proud to work with organisations that share our commitment to creating sustainable, high-quality housing and supporting local communities,” he said.
“We look forward to building our relationship with Adra and supporting its ambitious plans for the future.”
Savills Financial Consultants advised Adra on the deal with Principality. Savills director Alex Morgan said: “The facility provides a great amount of flexibility alongside a longer-term commitment, a balance that was a key objective of the exercise.”
This marks the second high-figure loan facility Adra has secured in the past few months – the housing association secured £65m from NatWest earlier in the spring.
