Working with MORhomes, Broadland has raised funding for new development through the issuance of £15 million of sustainable bonds.
A sustainable business
To be eligible for this funding, we had to demonstrate that we are a sustainable business and fulfil certain environmental, social and governance (ESG) criteria.
We will use the proceeds generated from the bond issuance to fund new affordable homes.
Competitively priced, long-term funding
MORhomes is 100% owned and controlled by housing associations. It is constituted as a PLC and applies the highest standards of corporate governance. MORhomes is a unique and innovative borrowing vehicle for the UK social housing sector, raising finance on the bond markets and lending it on to housing associations, who must be shareholders.
At Broadland we are focused on sustainability across all parts of our organisation. Our involvement with MORhomes and their Sustainability Bond has provided us with an opportunity to demonstrate our ESG credentials and obtain competitively priced, long-term funding that will allow us to develop new affordable homes.
Iain Grieve, Executive Finance Director, Broadland Housing
We are proud to have developed a genuinely unique approach to assessing the sustainability impact of our housing association borrowers. Borrowers like Broadland Housing who meet our standards are going above and beyond current requirements and helping meet the Government’s zero carbon target and the United Nations Sustainable Development Goals. We are pleased to be able to demonstrate to investors the excellent sustainability work which they are doing.
Patrick Symington, Chief Executive, MORhomes
It was a pleasure to work with Broadland and MORhomes to deliver this successful and competitively priced long-term funding. This financing will enable Broadland to continue to deliver its development programme and meet the needs of its customers.
Lawrence Gill, Director Corporate Finance, Centrus – advisors to Broadland
For more details about the sustainable bonds issuance, please see the MORhomes’ announcement.