Housing association Adra has secured a new £20 million funding facility from Principality Building Society to upgrade its current housing stock and build much-needed new homes. Based in Bangor, Adra manages a portfolio of 7,500 homes across North Wales.
Delivering New Affordable Homes
The new funding facility from Principality’s commercial lending arm will help deliver over 200 new affordable homes across North Wales, including a 23-home scheme in Y Felinheli. This deal marks Adra’s first partnership with Principality.
Richard Wales, commercial lending director at the Cardiff-based mutual, said: “We are delighted to be supporting Adra with funding to help deliver more affordable homes and invest in communities across North Wales. As a Welsh lender, we’re proud to work with organisations that share our commitment to creating sustainable, high-quality housing and supporting local communities. We look forward to building our relationship with Adra and supporting its ambitious plans for the future.”
Strengthening Financial Capacity
Rhys Parry, director of resources at Adra, commented: “We are delighted to have secured our first loan facility with Principality. This milestone marks an important step in strengthening Adra’s financial capacity to deliver additional homes, while continuing to invest in high-quality services for our communities across North Wales. This new loan facility has enabled Adra to successfully deliver the 23-home Cae Perthi scheme in Y Felinheli. This investment marks a key achievement with Adra now owning and managing over 7,500 homes. We look forward to building on our strong partnership with Principality, underpinned by shared values and a mutual commitment to supporting our customers and communities.”
Alex Morgan, director at Savills Financial Consultants, added: “Following a very successful funding round, we are really pleased to be able to introduce Principality Building Society to Adra’s loan portfolio. The facility provides a great amount of flexibility alongside a longer-term commitment, a balance that was a key objective of the exercise.”
Decarbonisation Hub
Adra operates Ty Gwyrddfai, the first decarbonisation hub of its kind in Wales. Located in Penygroes, Gwynedd, the project between Adra, Grwp Llandrillo Menai, and Bangor University focuses on supporting decarbonisation, sustainability, and skills development within the housing sector.
