Lar Housing Trust secures £65m to build up portfolio

A Fife-based housing trust has secured a multimillion-pound funding package that will boost its portfolio of mid-market rental properties across Scotland.

From left: Stuart Nicholson, loan investments director at Scottish Widows, Lar chairman Andrew Robertson, housing minister Kevin Stewart and Alan Brennan, relationship director at Bank of Scotland Commercial Real Estate. Picture: Newsline Media

Lar Housing Trust has netted a £65 million deal arranged by Bank of Scotland Commercial Real Estate through its partnership with Scottish Widows.

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The Dunfermline-headquartered housing charity, which has a portfolio of more than 200 properties across nine sites, is aiming to supply about 1,000 new homes across Scotland. It launched in October 2015 to help an increasing number of tenants across Scotland who neither qualify for social housing nor can afford rents in the private sector.

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Chairman Andrew Robertson said: “We launched with a £55m loan from the Scottish Government with the intention of then securing long-term private sector investment… this deal represents a major investment in the Scottish housing market.”

Scottish housing minister Kevin Stewart described the investment as a “major milestone” for Lar.

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