UK housing association Plus Dane has secured £30 million (€35.7 million) in debt funding from Principality Commercial to support its programme to deliver 1,120 affordable homes across Liverpool city region and Cheshire by 2030, as reported by Liverpool Business News.

Liverpool Business News reported that the 25-year facility represents a significant milestone in Plus Dane's target to raise £100 million (€119 million) in competitively priced funding, set by its board in 2025 to underpin delivery of its business plan and provide financial stability through to 2027.

Plus Dane, headquartered at Liverpool's Royal Albert Dock, currently manages more than 14,500 homes across the Liverpool city region and Cheshire. The organisation plans to deliver 30 affordable homes by 2027 before scaling to reach the 1,120-unit target by 2030. Affordable rental homes under the programme are defined as those where rent is set at no more than 80% of the local market rate.

The funding will also support further investment in the sustainability and long-term resilience of Plus Dane's existing housing stock.

Scott Owen, head of treasury at Plus Dane, said: "This new £30m, 25-year facility with Principality is an important milestone in meeting that objective. It strengthens our long-term funding position, provides certainty to support our future plans, and has been secured on terms that deliver strong value for money."

The agreement marks Principality Building Society's second housing association deal in England, building on its growing presence in the affordable housing sector across England and Wales.

Richard Wales, commercial lending director at Principality Building Society, said: "Plus Dane Housing plays an important role in delivering affordable housing and investing in communities across Cheshire and Merseyside. We're pleased to be working with the organisation as it continues to invest in both new and existing homes."

The deal adds momentum to affordable housing delivery in the North West at a time when housing associations across England are under sustained pressure to expand supply amid persistent affordability constraints in regional property markets.