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Audience

Refinancing deal provides Rosebery greater flexibility

17/06/2015

Rosebery Housing Association Limited (“Rosebery”) was formed in 1994 following the large scale voluntary transfer (LSVT) of housing stock from Epsom and Ewell Borough Council. Rosebery provides important services for the local community and manages approximately 2,300 properties, predominantly in the Borough of Epsom and Ewell.

As part of a £100 million refinancing exercise in 2015 Rosebery secured a £42.5 million bilateral private placement deal with M&G.

The refinancing enabled Rosebery to remove the restrictive covenants that supported the original transfer from Epsom and Ewell Borough Council, allowing Rosebery more flexibility in its future plans.

Demand is high for affordable housing in Epsom and Ewell and one of Rosebery’s key objectives is to provide good quality affordable homes.

Deborah Pike, Chief Executive at Rosebery Housing Association, said: “This refinancing enables us to realise our development plans and implement our growth strategy over the course of the next few years. For Rosebery, it represents a big step in the right direction.”

Mark Davie, Head of Social Housing at M&G, said: “This financing puts Rosebery on a firm footing to carry out its business and development plans over the coming years as it continues to play an integral role in the local community.”