Wirral based housing association Magenta Living has secured a £137million funding package from NatWest in a bid to become a zero carbon housing provider and build more than 1,000 new affordable homes over the next five years
Currently, Magenta Living owns 13,000 homes across the North West, but it has ambitious plans to become a zero carbon housing provider. The housing association also wants to grow its portfolio by building 1,000 new affordable homes to help with the housing crisis. In addition, Magenta Living will carry out essential maintenance work on its existing homes.
Magenta Living is the largest housing association landlord in Wirral and employs more than 600 people in the area. This makes Magenta Living one of the leading employers in Wirral. Its vision is to build even more homes and eventually become a zero carbon housing provider.
Becoming a zero carbon housing provider
NatWest’s funding will also enable Magenta Living to progress its Climate Change Strategy and work towards the Government’s Zero Carbon Homes target by 2050.
This will be achieved by a 30-year commitment from the business to help tackle climate change through methods such as:
- using electric vehicles
- improving local green spaces
- tackling fuel poverty
- improving the energy performance of its housing portfolio
Magenta Living is also looking to retain its gold accreditation status from SHIFT environment, reflecting its sustainability credentials.
Improving quality of life with affordable homes
Ann Monk, executive director of finance at Magenta Living said:
“We aim to enhance local communities and help people access a better quality of life through the provision of improved homes for affordable renting. Ultimately, we serve local communities in the North West region by building properties that create genuine social value, and this funding package from NatWest is helping us bring this vision to life.
“The bank’s backing is assisting us as we move towards our target of becoming a carbon zero organisation by 2050 with the creation of truly sustainable properties. This will allow us to continue growing and seizing new opportunities, as well as creating new jobs and encouraging investment into the areas we serve.”
A bespoke funding package to help deliver affordable and sustainable properties
Director and sustainability lead for housing finance at NatWest Marcos Navarro said:
“We are committed to supporting housing associations nationwide and have provided a bespoke funding package that will help Magenta Living deliver affordable and sustainable properties to individuals and families across Wirral and the wider North West.
“We will continue to support the company as it expands its portfolio and delivers its climate change initiative. It was rewarding to work on a deal that adds such genuine social and environmental value. This new funding package will not only allow Magenta Living to build sustainable and affordable homes, but it will support its transition to net zero and create local jobs, supporting economic recovery following the pandemic.”
