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Derwentside Homes, in Stanley, hopes to build 400 homes in three years
A NORTH-EAST housing organisation has secured a £40m investment, which bosses say will allow it to build 400 new homes in the three years.
Bosses say the £40m agreement will be repaid over 40 years, and was part of a Lloyds Bank refinancing package.
They said the cash will pay off a loan taken out with Lloyds in 2006, as well build new properties, including some built as affordable housing and the rest let through the association’s subsidiary company, Prince Bishops Homes.
Founded in 2008, Prince Bishops Homes owns 250 properties across County Durham.
Keith Tallintire, Derwentside Homes' director of resources, said: “This deal is good news for the people of County Durham.
“We know that housing, both affordable and at private market rent, is in short supply and this investment will allow us to build much needed new homes to meet local demand.
“Despite the recent economic conditions, we are still very much focused on not only continuing to invest in our communities but also on expanding our stock by building much needed new homes.
“The private placement agreement secures the long-term funding of the organisation and provides us with the flexibility required to grow the business.”
David Marchant, from Canada Life Investments, added: “We are delighted to establish a long-term working relationship with Derwentside Homes, which is a financially strong and prudent housing association.”
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