Nationwide completed £30 million deal
Cardiff & Vale Advertiser: 27 April 2007
Nationwide Commercial has completed a £30 million deal with the GENuS consortium, cementing its position as the number one lender in the Welsh social housing sector.
In a ground-breaking scheme, via the Welsh Assembly's Development Partnerships programme, local authorities and housing associations are being encouraged to pool their resources to bring greater efficiency to the sector. GENuS, a consortium of three housing associations in Wales, was the first organisation of its kind to seek new finance under this social housing initiative.
Under the deal, Nationwide Commercial will provide £30 million of new funding over the next three years to assist the consortium's development programme. The three RSLs, Melin Homes, Newport Housing Trust and Seren Group, will retain their independence and continue to be responsible for providing housing services to their own customers.
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