Tuntum has agreed a £42.5 million debt facility with Macquarie Infrastructure Debt Investment Solutions (MIDIS) which will be repayable over the next 33 years. The funding will enable Tuntum to repay some existing debts and fund the development of up to 280 new homes for affordable rent and shared ownership sales over the next five years.
Richard Renwick, Chief Executive, said: “This flexible financing package agreed between Macquarie and our Director of Resources, Rafik Ghumra, has been tailored to our operational requirements and funding needs, enabling us to complete the transactions we had planned in the short term, deliver our pipeline of development projects and continue to make an impact on people’s lives.”
Gareth Edwards, Associate Director at MIDIS, said: “Tuntum has a strong and experienced Board and management team, with its tenants and the community truly at the heart of what they do. We have been impressed with Tuntum’s commitment to support services, the great care given to the quality of their housing stock, and their approach to targeting new developments where they are needed most. In otherwise uncertain market conditions, our financing will support Tuntum to deliver their high-quality services whilst providing the certainty it needs to grow and support more vulnerable people living in the East Midlands.”
Macquarie Infrastructure Debt Investment Solutions (“MIDIS”) is the infrastructure debt platform of Macquarie Infrastructure and Real Assets (“MIRA”). MIRA is a part of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 15,700 people and is listed on the Australian Securities Exchange (ASX:MQG).