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East London landlord borrows £250m

Local Space - Secures £250m in bank finance - SantanderCB

Local Space, a specialist east London housing association, has secured £250m in bank finance to acquire and develop 800 new homes.

Local Space, which was established by Newham Council, secured the finance from Barclays, Lloyds and Santander to refinance its existing debt.

The housing association has a portfolio of 1,821 homes, of which it manages 371, with the remainder managed by Newham Council.

Jitinder Takhar, chief executive at Local Space, said that securing the tranche of funding was an excellent example of the public and private sector working together to meet London's housing shortage.

 

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