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GreenSquareAccord has bagged £75m in funding through aggregator Blend as the newly merged association pushes ahead with plans to develop 1,000 new homes a year.

Picture: Getty

Picture: Getty

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GreenSquareAccord has bagged £75m in funding through aggregator Blend as the newly merged association pushes ahead with plans to develop 1,000 new homes a year #UKhousing #SocialHousingFinance


The 25,000-home landlord, which formed from the merger of Accord and GreenSquare in April, accessed the 40-year bond at an all-in rate of 2.467 per cent and a spread of 128 basis points over gilts.

It is the first funding deal for the newly merged group.

James Tarrant, group head of corporate finance and treasury at GreenSquareAccord, said: “Achieving 40-year funding at this low coupon creates significant long-term value for the organisation, which will allow us to deliver on our merger promises.”



The two groups, which spent 14 months in merger talks because of a pandemic-induced delay, have combined annual revenue of around £210m and an operating surplus of £53.3m. Total combined net debt is £806.8m, based on the most recent financial results available.

The group’s properties stretch between the West Country and the North East of England.

A year ago GreenSquare underwent a £530m restructure involving eight funders to free itself of legacy agreements.

The deal is the first 40-year loan from The Housing Finance Corporation, Blend’s parent company, since 1987.

Piers Williamson, chief executive of Blend, said: “Given the resurgence of inflation as a risk factor, the ability to lock in a 2.467 per cent cost of funds for 40 years is a big deal and allows our borrowers to look to the future with confidence as they focus on the huge challenge of becoming net zero carbon by 2050.”

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