The Church of England Pensions Board (CEPB) has agreed a £50m revolving credit facility with NatWest that will help grow its retirement housing portfolio.
The Pensions Board offers retirement services to those who serve or work for the Church of England, principally through managing pension schemes for 43,000 people across 700 Church organisations and providing retirement housing for retired clergy.
“Retirement poses unique and significant housing challenges for our clergy,” said Tom England, Director of Housing at CEPB. “We are there to help with the offer of affordable retirement housing, alongside support to ensure a smooth and easy transition from active ministry to retirement. We thank the NatWest team for working with us on this new facility to help us deliver on our mission.”
The new £50m facility will allow the Pensions Board to continue to purchase retirement properties to meet increasing numbers of retiring clergy households. The provision of retirement housing is underpinned by funding from the Archbishops’ Council and the Church Commissioners for England.
The new agreement with NatWest came after a previous debt facility with another bank came up for refinancing. The Pensions Board, advised by Newbridge Associates, worked with NatWest to secure this new facility on more favourable terms.
“We are delighted to assist CEPB in expanding and enhancing the energy efficiency of their retirement housing portfolio through this £50 million RCF, said Chris Rees, from NatWest’s UK Financing Solutions team. “This transaction exemplifies how various specialist teams within NatWest collaborate closely to achieve the best outcomes for our clients. We welcome CEPB as a new customer, and look forward to developing this relationship and supporting them further in future.”
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