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Fizzy completes debt refinancing package and prepares for further expansion

Sourced from Thames Valley Housing’s website. The original article can be found here:

Fizzy, the leader in the Private Rented Sector (PRS) has announced that it has completed third party debt refinancing across its four existing schemes. The financing package, which totals £32.4m and has been completed with Pricoa Mortgage Capital will provide Fizzy with new funding to invest in further development opportunities in addition to existing capital commitments.

Geeta Nanda, Chief Executive Officer of Thames Valley Housing commented, “This is another great first for Fizzy and Thames Valley Housing. Having first shown that PRS is deliverable in the UK, this demonstrates that the strength of the Fizzy model is extremely attractive to equity and third party debt investors alike. We are delighted to have conducted this debt package with Pricoa Mortgage Capital who are a new player in the market, and hope that it will be the beginning of a long term partnership.”

Julian Turner, Deputy Finance Director and Head of Treasury at Thames Valley Housing, added, “With interest rates at historic lows, this debt funding has been put in place at under 3% over ten years. This is made possible as Fizzy has already established a solid track record and is generating performance that not only satisfies but attracts the senior debt market. Its portfolio is operating at optimum level in a market that is poised for further substantial growth.”

Aaron Knight, Director of European Debt Originations at Pricoa Mortgage Capital, added, “This portfolio offers a compelling combination of excellent quality assets, good locations and stellar sponsorship. For the foreseeable future, our appetite for portfolios like this one will exceed the supply and we look forward to seeing more opportunities in this space and to the expansion of our relationship with Fizzy over the coming years.