16/04/2026
Transaction overview
Centrus, acting as treasury advisors and debt arrangers, and Bevan Brittan, as legal counsel, are delighted to have supported the recent completion of a £150m new financing for Magna Housing, a 9,000-home landlord in South West England.
The strategic refinancing, comprising £80 million in revolving credit facilities and £70 million in term debt facilities provided by Nationwide, Barclays and AIB, was executed on a highly competitive and flexible basis, with funds supporting Magna’s ambitious development programme over the next 5 years.
What value did Centrus add?
Centrus provided a fully integrated advisory service, from shaping a robust treasury strategy through to supporting the execution and completion of all documentation. Centrus also managed a comprehensive competitive process and ensured Magna’s board was regularly briefed and fully engaged in the process at all times, supporting a seamless governance process.
Drawing on our market-leading experience and deep lender relationships, Centrus delivered a highly competitive fundraising outcome, securing optimal terms for Magna. The engagement included proactive negotiations to enhance key provisions, ensuring the final treasury solution aligned seamlessly with Magna’s objectives and maximised financial flexibility and resilience to support future growth and investment
How did this transaction benefit Magna Homes?
- Favourable Covenants: Maintaining Magna’s favourable covenant definitions to maximise flexibility and headroom within the business plan.
- Flexible Drawing: Blended RCF and term debt with a 24‑month availability window, ensuring drawing flexibility and reducing cost‑of‑carry amid changeable development spending.
- Balance of Tenor and Cost: Weighted average life of bank debt maintained at 6 years, whilst securing a 19bps reduction of Magna’s bank portfolio weighted average margin. Chosen tenors reflected competitive offers and Magna’s existing long dated positions, ensuring amortisation of the portfolio is comfortably spread.
- Embedded Hedging Optionality: The outcome ensures that embedded hedging options were retained, providing low complexity and flexibility.
The housing finance team at Bevan Brittan, including Louise Leaver, Anna Clark, Louise Mookerjee, Weronika Ziecina and Jessica Church, advised Magna on the restatement of one facility and the negotiation of two new facilities, including related security documentation and accession to existing security trust arrangements. Bevan Brittan provided a holistic service, from reporting on term sheets, through to reviewing and negotiating suites of loan documentation for each of the three lenders concurrently, reporting comprehensively to both the board and the finance team. The banking and charging teams worked closely with Centrus and the Magna team, offering a truly cohesive one-team approach to ensure a smooth and timely completion.
“We’re delighted to have secured new funding to enable Magna to continue to deliver more affordable homes in line with our strategy. The support from Centrus and Bevan Brittan not only ensured appropriate governance but most importantly achieved best value, allowing us to keep more cash to invest in new homes, sealing a great job done by all.”
Ian White, Head of Finance – Magna Homes
“It was an absolute pleasure to work with Magna and Centrus on this important funding update which will enable Magna to support their strategic plans going forward.”
Louise Leaver, Head of Housing Finance – Bevan Brittan
“We are delighted to have supported Magna in their latest fundraising process, which resulted in a highly competitive outcome that will support delivery of much needed new homes.”
Tom Miller, Director – Centrus
For more information, please get in touch with Tom Miller, Director of Housing, Education & Care.
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