Community Gateway in Preston have announced that the CGA (Community Gateway Association) have raised £95 million in their first private investment.
The cash injection will support us to deliver our corporate plan, which includes building 600 affordable rented homes by 2024, some of the funds will be used to repay existing loans.
CGA was formed in 2005 from the stock transfer of homes from Preston City Council and we now manage around 6,600 homes across Preston and beyond.
The Cortygards Extra Car Scheme in ingol is now nearing completion and the next major development will see around 90 homes built on a site at Lightfoot Lane, with further schemes in the pipeline.
Craig Garner, Executive Director of Resources said:
“This is a significant milestone for us. We are delighted to have secured this investment, which will enable us to drive forward our ambitious development programme to build a range of high-quality, modern homes that meet the needs of local residents. We would like to thank our partners who supported us over recent months to achieve this outcome.”
The July deal, which was brokered virtually with support from Savills Financial Consultants, Barclays and legal advisers Trowers and Hamlins, drew strong investor interest due to CGA’s robust operating track record. As a result, we were able to achieve £30million more than originally planned due to the very favourable interest rates offered from two private investors.