Housing association Magenta Living has secured a £137million funding package from NatWest to build more than 1,000 new affordable homes over the next five years.

The organisation, which currently owns almost 13,000 homes across the North West, will use the funds to achieve its growth plans. This includes carrying out maintenance work on its existing homes and growing its extensive portfolio to increase affordable housing levels across the region. 

The funding from NatWest will also enable Magenta Living to progress its Climate Change Strategy. This involves a 30-year commitment from the business to help tackle climate change through methods such as

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using electric vehicles, improving local green spaces, tackling fuel poverty, and improving the energy performance of its housing portfolio.

Magenta Living will also look to retain its gold accreditation status from SHIFT environment, reflecting its sustainability credentials.

The bank has attributed environmental, social and governance (ESG) goals to £75m of the company's loan facilities, helping the housing association to work towards the Government's Zero Carbon Homes target by 2050. 

Ann Monk, Executive Director of finance at Magenta Living said: "We aim to enhance local communities and help people access a better quality of life through the provision of improved homes for affordable renting. Ultimately, we serve local communities in the North West region by building properties that create genuine social value, and this funding package from NatWest is helping us bring this vision to life.

"The bank's backing is assisting us as we move towards our target of becoming a carbon zero organisation by 2050 with the creation of truly sustainable properties. This will allow us to continue growing and seizing new opportunities, as well as creating new jobs and encouraging investment into the areas we serve."