Bringing together Affinity Sutton and Circle Housing meant getting 10 bank funders and £3.3bn of drawn debt ‘over the line’. Loan arrangements, covenants and documentation were ‘harmonised’, supported by the release and recharge of 31,000 properties used as security. Clarion is set to expand nationally, while growing its strategic partnerships and land acquisitions.
L&Q’s ‘pioneering’ £2.6bn refinancing included a new covenant package ‘more in line with the corporate market’ and to support its ambitions to deliver 100,000 homes. The group married banking loans with shorter-term sales activity and longer-term debt capital markets finance with housing for rent. It also saw L&Q crystallise its mark-to-market (M2M) position on its swaps.
Clarion’s chief financial officer (CFO) is not anticipating any ‘material financial cost’ or delay to the repairs integration on the back of ongoing failures in the Circle repairs business - but added that correcting those issues will not be limited by the budget.
Eighteen months of merger discussions have laid the foundations for a more resilient Sovereign that remains committed to its core geography and purpose, according to its chief financial officer.
Places for People has completed the takeover of Derwent Housing Association, with the smaller organisation now sitting as a subsidiary in the larger group.
Clarion Group - the new organisation formed through the merger of Affinity Sutton and Circle Housing - has been given interim regulatory ratings of G2 and V1.
The English social housing regulator will issue ‘interim’ regulatory judgements for housing providers that have recently merged.
Peabody Trust and Family Mosaic have confirmed they are planning to merge.
Affinity Sutton and Circle Housing have completed their merger to create one of the largest associations in Europe with plans to build 50,000 homes over 10 years.
Sovereign and Spectrum Housing Group have merged to create a 55,000-home housing association.