Press Release: 01 April 2021
We are delighted to announce that Gateway Housing has secured an £80m funding package that will allow us to build 390 new homes by 2023. The 30-year loan was funded by Scottish Widows and arranged by Lloyds Bank, both part of Lloyds Banking Group.
Gateway’s purpose is to provide great homes for people in East London and to support communities to thrive. We operate in London where there is an intense housing need. Our ambition is to add as many affordable homes as possible by 2023.
Lynne Shea, Director of Finance and Resources at Gateway Housing, said: “This is a great package that Scottish Widows Limited has provided, this arrangement reflects the strong finances of the association especially at an uncertain time for the economy due to the coronavirus pandemic.
“The funding package will support our ambition to deliver 390 new homes in the next couple of years and will also reinforce our commitment to be at the forefront of best practice to develop homes which everyone is proud of.”
Mike Howard, Associate Director of Loan Investments at Scottish Widows said: “Investing in UK housing is a key focus for Scottish Widows and our colleagues at Lloyds Bank. It is particularly pleasing to be able to support the growth of Gateway Housing Association in an area of London where there is a desperate need for more affordable housing. We have been impressed by the Gateway leadership team and their clear focus on providing people with safe, good quality, affordable housing.”
For further information on Gateway Housing Association please contact:
0208 709 43026
About Gateway Housing Association
Gateway is a well-established community-based housing association with 3,000 properties primarily in the London Borough of Tower Hamlets. Gateway was formed in 2008 when Bethnal Green and Victoria Park Housing Association merged with Labo Housing Association. Our early formation goes back to 1926 when we began life as Bethnal Green Housing Association. The first scheme at Queen Margaret Flats (still owned and managed by Gateway today) was opened in 1929.
We strive to meet our purpose ‘To provide great homes for people in East London and to support communities to thrive’.
About Scottish Widows Ltd
Scottish Widows is one of the UK’s leading retirement solutions and protection providers. The Scottish Widows Loan Investments team has invested over £10bn in long-term loans to sectors including Housing, Real Estate, Infrastructure, Energy Projects and Higher Education.
As part of Lloyds Banking Group, we work alongside our Commercial Banking colleagues to support clients towards fulfilling their long-term ambitions.