St Modwen agrees £75m post-Budget funding

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St. Modwen has agreed a new £75m loan from Homes England’s Home Building Fund following the extension of the fund announced in the Budget.

The loan has an initial maturity of seven years which can be extended to a maximum of ten years, subject to Homes England’s consent. The additional funding will sit alongside the £475m refinancing to the unsecured revolving credit facility the company announced in December and will support “accelerated delivery of homes and serviced land” across St Modwen’s portfolio.

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