Magenta Living secures £137m for affordable homes

The Wirral-based housing association will use the funding package from NatWest to build more than 1,000 homes over the next five years.

Magenta Living said the money would also go towards its move ahead with its climate change strategy, a 30-year plan to tackle climate change within its developments. Part of the strategy includes using electric vehicles, improving green spaces and improving energy performance. More than half of the £137m loan facility has ESG goals connected to it.

“We aim to enhance local communities and help people access a better quality of life through the provision of improved homes for affordable renting,” said Magenta Living’s executive director of finance, Ann Monk.

“Ultimately, we serve local communities in the North West region by building properties that create genuine social value, and this funding package from NatWest is helping us bring this vision to life.”

Nat West director and sustainability lead for housing finance, Marcos Navarro, said the bank was “committed to supporting housing associations nationwide”.

“We will continue to support [Magenta Living] as it expands its portfolio and delivers its climate change initiative,” Navarro said.

“It was rewarding to work on a deal that adds such genuine social and environmental value. This new funding package will not only allow Magenta Living to build sustainable and affordable homes, but it will support its transition to net zero and create local jobs, supporting economic recovery following the pandemic.”