US investment bank Goldman Sachs has made another move into the UK housing market by sealing a financing deal with development firm Places for People.
It announced it had lent £50m via a senior unsecured loan facility to the London-based group, which recently sealed a £100m joint venture with modular homes manufacturer Ilke Homes.
The loan deal is the US bank's latest move into the UK housing sector following its £75m investment in modular homes specialist Top Hat in April.
In the same month it agreed a £118m loan facility with private equity firm Apache Capital, currently developing Birmingham's tallest residential tower in a joint venture with long-time build-to-rent partner Moda Living.
Goldman Sachs said it had also assisted Places for People over its issue of €150m-worth of senior unsecured notes to investors in Europe.
An unsecured note is a form of loan that is not backed by any of the borrower's assets, shifting the risk, in the event of default, to the lender.
Places for People said the latest deals were part of moves to diversify its funding base.
The developer recently announced it had received planning permission for a job (pictured) in Egham which will see it deliver 101 new homes and a range of shops and leisure facilities in partnership with Runnymede borough council.
The project, known as Egham Gateway West, is part of a wider £200m Runnymede Regeneration Programme.
