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Thu November 21 2019

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Wheatley receives EIB funding to build affordable homes

15 Oct Wheatley Group has received its first tranche of new low-interest funding from the European Investment Bank (EIB) to help build and improve thousands of affordable homes across Scotland.

The housing, care and property-management group has received the first £85m of £185m agreed with the EIB last year.

The money will support the next phase of Wheatley’s new build programme, providing 1,400 affordable homes as well as improving thousands of existing properties. Wheatley’s new-build programme will see 7,500 homes built from Balloch and Dumbarton through Glasgow, West Lothian and Edinburgh to North Berwick by 2025.

The interest rate is under 1.5%. Chair Alistair MacNish said: “Funding from the EIB represents extraordinarily good value for our customers, enabling us to access finance at a low interest rate. We are pleased that the EIB has confidence in Wheatley Group and our ambition to improve homes and lives across Scotland.

“The low interest rate represents a real vote of confidence in our organisation and the sector more widely, and provides us with the means to invest significantly in our housing stock and communities, with projects that will deliver top quality, green homes for the future.”

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