Real estate

£250m funding to support major housing programme in East London and Essex

Housing association - Secures £250m deal for a major housing programme - SantanderCB

Local Space, a specialist housing association in East London, has secured £250m for a major housing programme.

The money will see the acquisition and development of up to 800 new two and three bedroomed homes over the next four years in Newham - and surrounding areas - for the homeless and those on low incomes.

The funding, which has been secured from Barclays, Lloyds and Santander, will also be used by Local Space to refinance its existing debt facilities.

Jitinder Takhar, chief executive at Local Space Ltd, said: 'This is a really exciting project and we are delighted we have secured the necessary first tranche of funding to realise our ambitions.

We can now proceed and start to deliver desperately needed homes for the people of the borough. It is an excellent example of the public and private sector working in unison to meet the area's housing shortage.'

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

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