GCP Infrastructure has committed to subscribe for a loan note of up to £40 million in aggregate, the proceeds of which will be used to finance supported living units for occupation by adults with learning or physical difficulties.
The Loan Note, with an expected term of c.35 years, will be used to provide funding for the acquisition of operational supported living units, and is secured on a senior basis against the underlying physical properties. All properties will be subject to one or more fully repairing and insuring leases with one or more housing associations in England, regulated by the Homes and Communities Agency. The initial drawdown will be for c. £5m, with the balance expected to be drawn over the next 12 to 18 months.
GCP : GCP Infrastructure commits £40m to social infrastructure