£55m funding boost for Scottish housing association with more than 3,500 homes

A Scottish housing association with more than 3,500 homes on its books has secured a £55 million funding boost.

Operating across 24 local authorities in Scotland with a significant presence in the Central Belt and Highland regions, Cairn HA, which has more than 3,500 homes in its portfolio, provides essential and affordable accommodation to local communities, as well as landlord services.

Cairn Housing Association will use the funding package from Royal Bank of Scotland to re-finance existing loans, enhance home interiors and develop its pipeline of prospective developments.

Some £30m of the funding has been earmarked to upgrade 1,200 kitchens and bathrooms, as well as improve the energy efficiency of 700 homes with renewable energy initiatives and new heating systems.

The remainder will be used to support the construction of more than 600 homes across the Highlands and Central Belt, with new developments in Aviemore, Thurso and Falkirk already underway.

Derek Adam, director of finance and people services at Cairn, which was established in 1989 and employs 190 staff, said: “The funding we have received from Royal Bank of Scotland has helped accelerate our future growth plans as we press ahead with the development of significant new housing schemes across Scotland, creating much-needed affordable housing options. We’re now primed for a strong future with confidence that we can upgrade the homes of our tenants.”

David Horne, housing finance director at NatWest Group owned Royal Bank of Scotland, added: “Working with Derek and his team has been incredibly rewarding and builds on what has been a long-term partnership between Cairn HA and the Royal Bank of Scotland. Their commitment to providing high-quality, accessible homes and creating thriving communities is evident and this will have a positive impact on the lives of the Association’s tenants.”

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