Date: 23 October 2009
Sovereign
Sovereign, one of the UK’s leading affordable housing providers, recently acquired a £175m bond to drive forward their development programme. Sovereign has been leading with development in the south west over the last year but these new funds will also enable Sovereign to acquire new sites for development and will encourage new partners to do business with Sovereign.
The new bond offers Sovereign flexibility in the way in which it will do business with new partners. Importantly it will allow Sovereign to enter into contract on consented sites and acquire new and varied sites for development in key areas of housing need.
Another important feature of the bond is that it will allow Sovereign to be involved with new types of deals in high quality investment opportunities in the south west. It will also allow Sovereign to buy land up front with no deferred payments and enter into joint venture with landowners.
James Gibson, Assistant Development Director (West) of Sovereign, noted, “The bond issue is great news for Sovereign on a local level and means Sovereign are now in a strong position to do deals. These are exciting times for our development programme and we now have even greater capacity to deal with new opportunities when they arise.”
