Bond set to fund home upgrades

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A SOCIAL landlord with 1,500 homes across Sheffield has raised £200 million by issuing a bond.

Great Places Housing Group, which runs properties in areas including Wybourn, will use the money to help pay for its award-winning development programme.

The bond raised £200m, of which £150m is drawn down immediately and the remaining £50m within the next two years.

Stephen Porter, chief executive, said: “This is fantastic news and demonstrates the financial strength of our business and our excellent reputation.

“It will allow us to continue to build much-needed homes and I am delighted by the response of investors.”

The deal was jointly arranged by RBC Capital Markets, The Royal Bank of Scotland and Santander GBM.