A housing association has secured a £210million deal to help build more than 1,000 new homes and upgrade the energy efficiency of its properties.

Havebury Housing Partnership, which is based in Bury St Edmunds, has worked with Savills Financial Consultants and Lloyds Bank to agree the multi-million pound package.

The funding, from refinancing and securing new long-term debt, will allow Havebury to press ahead with getting all homes to EPC level C energy efficiency by 2030, as well as building 250 new homes per year to 2028.

Havebury, which owns and manages about 7,000 homes in the East of England, was formed in 2002 by the transfer of just under 6,000 council homes from then St Edmundsbury Borough Council.

Since then, it has developed more than 1,700 new affordable homes and has a growing construction programme.

Marie McCleary, director of resources at Havebury Housing Partnership, said: “We are delighted to have secured additional funding to continue providing new homes, to meet the affordable housing shortfall in the communities where we operate.

"We look forward to working with new and existing funders in meeting our sustainability ambitions for current and future homes.”

The funding consists of a £150million private placement provided by Pension Insurance Corporation and Macquarie Asset Management, and a £60million revolving credit facility from Lloyds Bank.

There was "significant investor demand" for the private placement, with over four times the initial offering of £80 million being sought by investors, allowing Havebury to upsize the transaction to £150 million and take advantage of flexible delays to funding timing.

Mike Roche, Director at Savills Financial Consultants, said: “It is really pleasing to see the great story that the team at Havebury has to tell translate into such strong investor support.

"The fact that Havebury received offers for over four times the amount it was seeking through its private placement shows how well the team has communicated its placemaking plans.”

Rory Brown, director of US Private Placements, at Lloyds Bank, said: “We are delighted to have led both the loan and capital market financings that will provide Havebury with support for future development in years to come.

"The success of the private placement reflects the strong support from the market for Havebury, attracting long-term capital from both UK and US investors and a funding profile that balances the current attractive interest rate environment with future financing needs.”

Both transactions were completed in December 2021.