North Wales' largest housing association, Adra, has secured £20 million in funding from Principality Commercial to support the organisation's development programme and continued investment into its existing housing stock across the region.
Based in Bangor, Adra provides affordable homes and support services to communities across the region. The organisation is committed to developing high quality, sustainable homes and improving the lives of local people through investment in housing and community initiatives.
The new funding facility from Principality will support Adra in enhancing the quality and sustainability of its existing properties, as well as delivering over 200 new affordable homes across North Wales, including the 23-home scheme at Cae Perthi, Y Felinheli.
The partnership marks Adra's first transaction with Principality Building Society's commercial lending.
Richard Wales, Commercial Lending Director at Principality Building Society, said:
“We are delighted to be supporting Adra with funding to help deliver more affordable homes and invest in communities across North Wales.
“As a Welsh lender, we're proud to work with organisations that share our commitment to creating sustainable, high-quality housing and supporting local communities. We look forward to building our relationship with Adra and supporting its ambitious plans for the future.”
Adra operates Tŷ Gwyrddfai, the first decarbonisation hub of its kind in Wales. Located in Penygroes, Gwynedd, the collaborative project between Adra, Grŵp Llandrillo Menai and Bangor University focuses on supporting decarbonisation, sustainability and skills development within the housing sector.
Rhys Parry, Director of Resources at Adra, said:
“We are delighted to have secured our first loan facility with Principality. This milestone marks an important step in strengthening Adra's financial capacity to deliver additional homes, while continuing to invest in high-quality services for our communities across North Wales.
“This new loan facility from Principality has enabled Adra to successfully deliver the 23‑home Cae Perthi scheme in Y Felinheli. This investment marks a key achievement with Adra now owning and managing over 7,500 homes.
“We look forward to building on our strong partnership with Principality, underpinned by shared values and a mutual commitment to supporting our customers and communities.”
Alex Morgan, Director at Savills Financial Consultants, said:
“Following a very successful funding round, we are really pleased to be able to introduce Principality Building Society to Adra's loan portfolio. The facility provides a great amount of flexibility alongside a longer-term commitment, a balance that was a key objective of the exercise.”
Principality Commercial lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations.
