Magenta Living secures £137 million funding to build 1,000 affordable homes and become carbon zero
Magenta Living has secured a £137million funding package from NatWest to build more than 1,000 new affordable homes over the next five years and commence its transition to being a carbon zero housing provider.
Magenta Living is the largest housing association landlord in Wirral and one of the leading employers in the area with more than 600 employees. Our vision is to build vibrant homes, lives, and neighbourhoods across the region. We currently own 13,000 homes across the North West and will use the funds to achieve our ambitious growth plans. This includes carrying out maintenance work on existing homes and growing our extensive portfolio to increase affordable housing levels across the region.
The funding from NatWest will also enable Magenta Living to progress its Climate Change Strategy. This involves a 30-year commitment from the business to help tackle climate change through methods such as using electric vehicles, improving local green spaces, tackling fuel poverty, and improving the energy performance of our housing portfolio.
Magenta Living will also look to retain its gold accreditation status from SHIFT environment, reflecting our sustainability credentials.
The bank has attributed environmental, social and governance (ESG) goals to £75m of the company’s loan facilities, helping Magenta Living to work towards the Government’s Zero Carbon Homes target by 2050.
Ann Monk, our Executive Director of Finance, said: “We aim to enhance local communities and help people access a better quality of life through the provision of improved homes for affordable renting. 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.
“The bank’s backing is assisting us as we move towards our target of becoming a carbon zero organisation by 2050 with the creation of truly sustainable properties. This will allow us to continue growing and seizing new opportunities, as well as creating new jobs and encouraging investment into the areas we serve.”
Marcos Navarro, Director and Sustainability Lead for housing finance at NatWest, said: “We are committed to supporting housing associations nationwide and have provided a bespoke funding package that will help Magenta Living deliver affordable and sustainable properties to individuals and families across Wirral and the wider North West.
“We will continue to support the company as it expands its portfolio and delivers its climate change initiative. 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”
This funding package forms part of NatWest’s commitment to support the housing association sector with £3billion by the end of 2022, to help increase the provision of social housing and enable the improvement of existing properties.