Wheatley Group secures EU funding for affordable housing

Wheatley Group says it plans to build 7,500 affordable new homes throughout Scotland by 2025

Scotland's largest social landlord has secured £185m of European Investment Bank (EIB) funding to help build and improve affordable housing.

Wheatley Group is taking forward plans to build 7,500 affordable new homes throughout Scotland by 2025.

The EIB loan was announced at an event in Glasgow attended by First Minister Nicola Sturgeon.

Wheatley Group owns Glasgow Housing Association (GHA) - one of Europe's largest social landlords.

The firm said the EIB loan - the largest of its type made in Scotland - was linked to its commitment to invest £400m over the next three years in affordable housing.

This includes refurbishing existing homes to meet new Scottish and EU energy-efficiency standards, helping tenants cut energy bills, and housing and integrating refugees into communities.

'Fantastic news'

Wheatley chairman Alastair MacNish said: "This loan is fantastic news for people and families across Scotland and is a huge vote of confidence in Wheatley and our unyielding commitment to affordable housing."

Ms Sturgeon said: "Ensuring people have access to quality housing is a fundamental part of building a fair and equal society.

"That is why we have committed to deliver at least 50,000 new affordable homes in the five years to 2021.

"Wheatley Group is vital in helping us achieve that, having delivered almost 1,900 new affordable homes across Scotland over the past three years, and the additional funding from the European Investment Bank will help them build on this."