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REAL ESTATE: Places for People (NBHA: A3/A-neg/A-): New £ 7yr BMK

REAL ESTATE
Credit BulletsUKCEEMEABullet
  • Book Runners HSBC, Barclays, Lloyds
  • Roadshow https://dealroadshow.com entry code PFP2025
  • Manages >245k homes across England and Scotland
  • "UK's leading Social Enterprise" provider of social housing
  • Recently merged with Origin (6,800 units) following mergers with Derwent, Chorus and South Devon Rural. A pattern of taking over smaller, less-well-run providers.
  • Fixed Assets £5.8bn; Op Profit £211.1m
  • £219m spend on capital improvements and repairs in 2024 vs £151m 2023 - driven by both costs and demand for improvements
  • Occupancy very steady at c99%; rent collection dropping from 100% to 98% since Covid. Not a disaster but worth noting.
  • Unsecured Debt Ratio improving from 45% 2016 steadily to >80%
  • Refi'd Origin Bank debt recently
  • Partial tender of £150m of the 2026 (out of £250m) as the bond falls into the 18 month liquidity window.
  • S&P moved to Neg in Oct '24 on higher costs and investments in existing stock. But did note that they expect a gradual improvement. Fitch cut to A- then. S&P gives a 2 notch uplift for govt support; Fitch one notch.
  • The company tendered for the 2036 in Oct and bought back 43m/300m
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  • Book Runners HSBC, Barclays, Lloyds
  • Roadshow https://dealroadshow.com entry code PFP2025
  • Manages >245k homes across England and Scotland
  • "UK's leading Social Enterprise" provider of social housing
  • Recently merged with Origin (6,800 units) following mergers with Derwent, Chorus and South Devon Rural. A pattern of taking over smaller, less-well-run providers.
  • Fixed Assets £5.8bn; Op Profit £211.1m
  • £219m spend on capital improvements and repairs in 2024 vs £151m 2023 - driven by both costs and demand for improvements
  • Occupancy very steady at c99%; rent collection dropping from 100% to 98% since Covid. Not a disaster but worth noting.
  • Unsecured Debt Ratio improving from 45% 2016 steadily to >80%
  • Refi'd Origin Bank debt recently
  • Partial tender of £150m of the 2026 (out of £250m) as the bond falls into the 18 month liquidity window.
  • S&P moved to Neg in Oct '24 on higher costs and investments in existing stock. But did note that they expect a gradual improvement. Fitch cut to A- then. S&P gives a 2 notch uplift for govt support; Fitch one notch.
  • The company tendered for the 2036 in Oct and bought back 43m/300m