has provided 拢120m (鈧�140m) in capital to UK social housing provider Local Space to fund its future growth and deliver homes for Londoners in crisis.
Local Space said the funding, secured through a private placement agreement, will be used to rebalance the housing association鈥檚 鈥渆xisting debt portfolio, from shorter variable rate to longer-term fixed-rate borrowing and provide funds for its future property acquisition and investment programmes鈥�.
The investment will be provided in stages 鈥� 拢40m upfront, followed by 拢40m loans in February 2025 and 2026.
Josie Parsons, Local Space鈥檚 CEO, said: 鈥淲e are pleased to have secured this agreement with MetLife Investment Management at a time when homelessness and those in temporary accommodation is becoming critical, particularly in London, with cost increases of up to 40% on temporary accommodation.
鈥淭he funding enables us to support those in need, with a focus on families with children, by providing stability via settled accommodation and alleviating the social impact that homelessness causes generations of a family.鈥�
Stephen Valvona, private capital director at MetLife Investment Management, said: 鈥淲e are delighted to extend our relationship with Local Space by providing funding over the next two years to support the provision of long-term, safe and secure homes to homeless families in East London.
鈥淭his additional investment in Local Space further emphasises our ongoing support for the UK social housing sector in addressing a shortage of affordable housing across the UK.鈥�
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