£40m for Leith as Widows tops £3.6bn social housing

Heather Kiteley

Scottish Widows is to provide investment of £40 million to Port of Leith Housing Association to boost plans to create more than 650 social and mid-market rented homes by 2025.

Gavin Reid, associate director at Scottish Widows, said: “We are thrilled to have structured a funding solution that supports Port of Leith Housing Association’s strategy to deliver more affordable homes, while providing high-quality cashflows to match our pension liabilities.

“We look forward to seeing these plans come to fruition in the coming years.

“We have now invested in excess of £3.6bn in this sector as part of our ongoing commitment to the UK’s social housing sector.”

The funding for Port of Leith Housing Association will be drawn in stages at a 30-year fixed rate of 2.84%.

Heather Kiteley, director of finance & corporate services at Port of Leith Housing Association, said: “We are pleased that Scottish Widows responded so positively to our ambition to address the high demand for the creation of a range of affordable homes in thriving communities.

“Having secured historically low fixed rate terms puts us in a strong and secure position to give several hundreds of people the priceless security that comes with having a great, affordable place to call home.

“It has been a pleasure working on this opportunity with Scottish Widows and with our treasury advisers, Link, and legal advisors, Harper Macleod.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.