Homebuilder GreenSquare secured £75 million in financing from the real assets division of asset management giant BlackRock Inc., IPE Real Assets reported.
The debt financing is secured by existing social housing stock, but should enable GreenSquare to develop new homes in a market faced by shortages in affordable housing, BlackRock told the publication.
The financing is the third U.K. social housing investment for BlackRock Real Assets' European infrastructure debt business, putting the asset manager's total invested capital in the sector at £250 million across the platform. The transaction also expands the infrastructure debt group's total debt portfolio to more than £1.6 billion.
GreenSquare has more than 11,500 social housing assets across Wiltshire, Oxfordshire and Gloucestershire in the U.K., according to IPE.