Ground breaking deal helps Dumfries and Galloway realise their vision

Ground-breaking deal helps Dumfries and Galloway realise their vision

£114 million funding

Dumfries and Galloway Housing Partnership (“DGHP”) secured £114 million of long-term financing with M&G Investments in December 2019, in a ground-breaking deal that will provide the housing association with the flexibility needed to take forward its development plans for new affordable homes in South-West Scotland.

DGHP is the second-largest Registered Social Landlord in Scotland, owning and managing over 10,300 homes in Dumfries and Galloway. In December 2019, the housing association became part of the Wheatley Group, Scotland’s largest housing, care and property management group, with a combined group portfolio of over 62,000 affordable homes across the country.

By partnering with M&G for the first time, DGHP secured a flexible loan facility, with a weighted-average term of 25-years, allowing it to refinance its existing bank debt and progress its plan to increase the supply of affordable homes in the region by building a further 1,000 new homes over the next five years.

Bill Roberts, Chairman of the DGHP Board says, “Working as a partner in Wheatley allows us to do much more than we could before and this deal with M&G is one of the first steps in realising our plans to bring hundreds of new affordable homes to the region.”

Alastair MacNish, Chairman of the Wheatley Group adds, “It’s a huge vote of confidence in DGHP and the region, in Wheatley Group and the affordable housing sector in Scotland.”

Mark Davie, Head of Social Housing at M&G says, “We are pleased to be supporting DGHP and Wheatley in the next step on their journey. They have a clear vision and ambition to deliver affordable homes to those in the area they serve.“