Principality provides £30m for affordable housing across Cheshire and Merseyside
What's the deal? Principality Building SocietyDealroom has a profile for this one. Try Dealroom → has provided a £30 million, 25-year lending facility to Plus Dane HousingDealroom has a profile for this one. Try Dealroom → through its commercial lending division.
The funding will help the housing association deliver 730 affordable homes by 2027, extending to 1,120 homes by 2030 across Cheshire and Merseyside.
Plus Dane already owns and manages more than 14,500 homes. The facility will also fund investment in the sustainability and resilience of its existing properties.
Why now? In 2025, Plus Dane's board set a target of securing £100 million of competitively priced funding and extending its debt maturity profile through to 2027.
"This new £30 million, 25-year facility with Principality is an important milestone in meeting that objective," said Scott Owen, head of treasury at Plus Dane.
The deal marks Plus Dane's first transaction with Principality and the building society's second housing association deal in England.
What could go wrong? A 25-year facility ties Plus Dane to long-term repayments, leaving little room for error if construction costs rise or rental income falls short.
Delivering 1,120 homes by 2030 is ambitious, and any slippage could strain the association's wider £100 million funding plan.
The signal: The deal marks only Principality's second housing association financing in England, signalling a building society pushing beyond its Welsh roots into a sector traditionally served by banks and bond markets. For Plus Dane, which manages more than 14,500 homes across Cheshire and Merseyside, the 25-year facility locks in long-term certainty as it chases its £100 million funding target amid an acute housing shortage.
Read more: Business News Wales
Image credit: Alex Pepperhill
