Jigsaw Homes Group has completed an £851m refinancing exercise, including £152m of additional facilities, to bolster its liquidity and fund development plans.
In addition to increasing liquidity, Jigsaw says the refinance with five funders has enabled it to maximise the value of its secured property portfolio, and to introduce further standardisation and efficiencies within its loan book.
The additional facilities mean the 36,000-home association is now well-placed to fulfil its development ambitions to build 4,000 homes over the next five years.
Paul Chisnell, executive director of finance at Jigsaw Homes Group, said: “As we continue with our plans to help tackle the current shortage of new affordable housing, this refinancing package helps us take another step forward in our commitment to deliver 4,000 homes over the next five years, as well as investing in projects and assets that increase life opportunities for our residents.”
Natalie Swales, partner at law firm Devonshires, who acted on the refinance, said: “We are delighted to have advised on the refinance, and to have welcomed Jigsaw as a new client to the firm last year. The additional facilities coupled with the value unlocked in their security portfolio as part of the refinance will ensure Jigsaw is well equipped to continue its pivotal role in the provision, maintenance and delivery of affordable housing over the coming years.”
John Tattersall, managing director at corporate finance advisory firm, Centrus, added: “Centrus and Devonshires were both newly appointed by Jigsaw last year, and the completion of this project marks a successful, exciting and rewarding first project.
“The project required a careful navigation of a complex financial landscape, and we were delighted to work with Devonshires and Jigsaw to deliver tangible results. The restructure and new funding have set Jigsaw’s treasury operations on a strong footing and now allows them to focus on what they do best; creating homes and building lives.”
Image credit: Yuganov Konstantin – Shutterstock
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