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GCP investment commitment in social housing

04 November 2015 07:44

GCP Infrastructure Investments has announced the completion of a transaction subscribing for a loan note with an expected term of c.35 years and an initial value of up to £25.5m when fully drawn.

The company has advanced c. £1.4m at completion and the majority of the balance is expected to be advanced over the next 12 months.

The loan mote will be issued by GCP Social Housing 1 Limited and the proceeds used to provide a loan facility secured on a senior basis to finance the acquisition of a number of social housing units for occupation by adults with learning or physical difficulties.

The social housing units will be subject to one or more fully repairing and insuring leases with terms of up to 35 years with one or more housing associations in England regulated by the Homes and Communities Agency.

All payments of both principal and interest in relation to the loan note are expected to be serviced from the cashflows arising under the leases.

The acquisition of the loan note has been financed fully from resources within the company.

Story provided by StockMarketWire.com

Related Company: GCP

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