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Harper Macleod housing team advises Eildon on £40 million funding deal to build 750 new homes

The Housing team at Harper Macleod has advised Eildon Housing Association on a £40 million funding package with the Pension Insurance Corporation (PIC), which will help Eildon build 750 new homes by 2021.

The private placement deal is investor PIC’s first private placement with a Scottish housing association.

The long-term investment in the Borders-based organisation was secured following a process that attracted interest from several major financial institutions and will support Eildon's programme of building high-quality affordable homes.

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Derek Hogg, Partner and head of the specialist housing team at Harper Macleod, which is independently recognised as Scotland's leading advisers in the field, said: "The team at Eildon worked hard to create an attractive proposition for investors and we were delighted to help them complete this transaction. Having acted in almost all the major private placement investments that have taken place in Scotland over the past few years, we know the strength of this sector and it's fantastic that Eildon can move forward with its plan to deliver essential housing to meet the needs of the communities it operates in."

Alan Brown, director of finance corporate services with Eildon, said: “This is a very significant deal for Eildon and we are delighted that it has progressed so smoothly. The long-term nature of this funding allows us to deliver on our ambitious strategy to meet housing need and deliver inclusive growth for our communities, whilst providing a major boost to our local economy. Having the experience of Harper Macleod on board was a great comfort to both our Board and Executive Team and we were very pleased with the advice that we received.”

Eildon was also supported in securing the deal by Santander Corporate and Investment Banking, with additional advice from QMPF.