The GENuS
Consortium, consisting of Gwerin Housing Association, Eastern Valley Housing
Association, Newport Housing Trust and the Seren Group, has negotiated
a private finance package of funding from the Nationwide Building Society
and Barclays Bank to support its new home building programme over 2006
to 2008.
The total facility amounts to £48 million, and is in addition to
the Welsh Assembly Government Social Housing Grant allocation of £37.5
million, secured through local authority bids, for the period 2005 to
2008.
The Chair of the GENuS Consortium, Mark Gardner said " The GENuS
Consortium is very pleased indeed to be working with two of the market
leaders in the provision of private finance in Wales. This is the first
time GENuS has pooled its funding requirements, the result of which will
result in significant savings over the term of the facility."
Jane Short Lending Manager of the Nationwide Building Society said "Nationwide
is delighted to have been selected to provide £30m funding for the
GENuS Consortium. In our opinion, GENuS are a forward thinking consortium,
embracing the challenges set by the Welsh Assembly to deliver new homes
and efficiencies. Working in partnership with GENuS, Nationwide has matched
this approach by providing an innovative and flexible funding package
to meet the specific needs of the Consortium."
Andy Jones, Relationship Director with Barclays Bank said "Barclays
are delighted to be involved with the funding of the GENuS Consortium
and look forward to working on this deal and supporting future projects
in line with the Welsh Assembly Governments agenda" |
|
 |
