Centrus arranges £60m private placement for Irwell Valley

About Irwell Valley Homes 

Irwell Valley Homes is a leading registered provider in the North West, with a direct relationship with 20,000 people who live in its over 7,000 homes. With an ambitious vision to deliver over 1,000 new homes over five years, whilst continuing to invest its existing homes on the journey to decarbonisation, a requirement for new long-term funding was identified.

Centrus Solution 

Centrus worked closely with Irwell Valley throughout the process, from producing a ‘teaser’ for initial market testing, to compiling the Investor Presentation, selection of the preferred investors and closing out the transactions and documentation. The process enabled Irwell Valley’s leadership team to convey its strong credit story, its clear vision and its ESG journey to drive optimal terms.

Multiple funding offers were received, resulting in a highly competitive pricing process and ensuring that Irwell Valley was able to achieve the funding structure it had set out to despite a challenging market backdrop. The £60m, 40-year private placement with Scottish Widows, comprised three £20m deferred tranches at 6, 12 and 18 months, enabling funds to be received when required while locking in the rate at the outset.

“With the rising cost of living, building more affordable housing and making existing homes more cost effective for our customers are key priorities for us. We are delighted to have secured this funding to help meet the growing needs of the communities we serve across Greater Manchester.”

Helen Nicholson, Executive Director of Finance and Governance – Irwell Valley Homes

“Centrus is delighted to have worked with the Executive and Board of Irwell Valley Homes to deliver this successful transaction. The funding provides long-dated, fixed rate funding to de-risk the financial plan, and support Irwell on its ambitious journey.”

John Tattersall, Senior Director – Centrus

For more information, please contact john.tatterall@centrusasvisors.com

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