Housing association raises £95m in first private investment | News

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Housing association raises £95m in first private investment

Community Gateway Association (CGA) has raised £95m in its first private investment.

The cash injection will support CGA to deliver its corporate plan, which includes building 600 affordable rented homes by 2024.

Some of the funds will be used to repay existing loans.

Craig Garner, Executive Director of Resources said: “This is a significant milestone for us. We are delighted to have secured this investment, which will enable us to drive forward our ambitious development programme to build a range of high-quality, modern homes that meet the needs of local residents.

"We would like to thank our partners who supported us over recent months to achieve this outcome.”

The July deal drew strong investor interest due to CGA’s robust operating track record. As a result, the organisation was able to achieve £30m more than it had originally planned due to the very favourable interest rates offered from two private investors.

CGA was formed in 2005 from the stock transfer of homes from Preston City Council and now manages around 6.600 homes across Preston and beyond.