Sovereign Housing agrees £250m credit facility

Sovereign Housing has secured a £250m revolving credit facility from a syndicate of five lenders led by Natwest. The housing association has agreed the three-year loan from Natwest, Lloyds Bank, Mitsubishi UFJ Financial Group, National Australia Bank and Sumitomo Mitsui Banking Corporation. The loan is Sovereign’s first unsecured borrowing. It said the credit will provide it with “financial security through a potentially uncertain political and economic period”. Sovereign is seeking to raise long-term finance to take land-led developments, with a goal to deliver 1,900 new homes a year. Barry Nethercott, Sovereign’s chief financial officer, said: “We have an ambitious strategy