Monday 7th January 2008
Poplar HARCA (Housing and Regeneration Community Association) has secured an additional £55m of funding from Bank of Scotland's Housing Finance team, to be used for development plans for its East India Estate in London. This increase in facilities, taken over a 35 year term, brings the housing associations total lending to £275m with Bank of Scotland providing £165m.
Established in 1997, Poplar HARCA now owns and manages over 7,300 properties, including 2,040 leasehold units across six neighbouring communities in the London Borough of Tower Hamlets. These properties were transferred between 1999 and 2006 when council residents voted to transfer their homes to Poplar HARCA.
Poplar has transformed the neighbourhoods in which it operates with community regeneration at its core and is pursuing a successful programme that links housing to training, jobs, education, health, sports and the arts.
As part of a £100 million regeneration programme, this new funding will provide East India Estate residents living on Brownfield, Teviot and Aberfeldy with new kitchens and bathrooms, 135 new family homes to manage overcrowding; a new community centre; safer redesigned walkways and communal areas and landscaped green spaces.
Part of the development and regeneration programme includes the complete restoration of Balfron and Carradale Towers. Both of these iconic buildings were designed by international architect Ernő Goldfinger. All plans have been developed in partnership with English Heritage.
Steph Begley, Poplar HARCA’s Director of Finance, said,
"Poplar HARCA has a long standing relationship with Bank of Scotland who have supported many of our innovative urban regeneration programmes in the east end of London. This £55 million will enable us to transform the East India Estate and dramatically improve the quality of life of residents living there. The whole of the Poplar area will benefit from the investment and improvement in infrastructure on the East India estates."
Tony Oakley, Director of Housing Finance, added,
"We are delighted to have been able to offer Poplar HARCA additional funding to support its regeneration activities. The East India scheme is an exciting and demanding challenge for Poplar HARCA and we look forward to working with them in the coming months and years to achieve delivery of their vision for this area."
Notes to Editors
Bank of Scotland Corporate, part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. A leading debt provider to the social and affordable housing sector, Bank of Scotland Corporate’s Housing Finance team manages a portfolio in excess of £5bn, giving it the necessary strength and resources to expand its commitment to the sector. The 20 team members have a wealth of experience of both social housing and private/mixed tenure housing sector property projects and are active in the fast-developing area of housing PFI projects. Having provided continuous support for affordable housing for over 20 years, the team is able to provide clients with a complete funding solution. Bank of Scotland Corporate employs around 9,000 employees. Total lending at June 2007 stood at £95.8 billion.
