Dandara secures £60m from HSBC UK for green build-to-rent schemes
Dandara Living, a property developer, placemaker and operator of large-scale ‘Build to Rent’ (BTR) properties, has secured a £60m Green Revolving Credit Facility from HSBC UK.
Dandara will use the funding, which is aligned to the Loan Market Association’s “Green Loan Principles” and one of the first sustainable finance facilities of its kind in the housing sector, to fund its existing pipeline of 11 sustainable BTR developments across the UK with capacity to accommodate in excess of 4,500 new BTR homes.
The first three sites, which have already secured planning permission, are in Birmingham, Glasgow and Bristol. The Unity & Armouries site in the Southside area of Birmingham will consist of 162 apartments over two buildings and is set for completion in Q1 2023. In Glasgow, the Gh2o development will deliver 342 waterfront apartments in the city’s sought-after West End also in Q1 2023. In Bristol, the Bedminster Green development to the south of the city will feature a mix of 316 one and two-bedroom apartments, expected to be available from Q3 2023.
Ed Tynan, Director of the Dandara Group, said: “As a large-scale BTR developer and operator, we are committed to managing the social, economic and environmental impacts of our activities responsibly. ESG is embedded in our business practices and operational procedures. In securing this new Green Revolving Credit Facility, we have increased our ability to deliver sustainable new homes which enhance residents’ lives and add long-term social and economic value to the communities we operate in.”
Hugh Taylor, Head of Housing for HSBC UK, added: “Not only will this deal give Dandara the flexibility it needs to roll out schemes across the country, it also enables the developer to respond to the housing challenge facing many of our major cities without compromising on sustainability. BTR developments of this kind have become an important part of the solution to our housing issues by providing flexible living options which reduce energy consumption, reuse materials and enhance biodiversity.”