Funding of £109m and £100m has been agreed with existing lenders Santander and NatWest Bank, respectively, while new partner ABN AMRO has lent £75m — all loans are revolving credit facilities (RCFs).

All three RCFs contain sustainability-linked performance measures which see a reduced interest rate if Great Places meets agreed energy efficiency targets on new and existing homes.

Great Places plans to use the funds to continue to invest in existing and new homes in communities across the North West, Yorkshire and Derbyshire.

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The company’s include increasing resources to improve property conditions and customer services and developing around 9,000 new affordable homes during the period 2020-2030.

The transaction was also supported by Devonshires, Addleshaw Goddard and the valuation team at Savills.

Mike Gerrard, CFO at Great Places Housing Group, said: “We are delighted to continue and develop our relationships with NatWest and Santander and welcome ABN AMRO as a new banking partner.

“We received strong interest from the banking sector for this transaction and it is pleasing to move forward with sustainability-linked funding — thank you to the Great Places team and Savills for their insight and support.”