Peterborough's Cross Keys Homes boss puts focus on cutting energy bills after securing £100 million to build 2,500 homes

A leading housing association in Peterborough has secured £100 million to build hundreds of new homes across the region.

Cross Keys Homes (CKH) based in Shrewsbury Avenue, in Woodston, hopes to construct 2,500 new homes across the East of England after securing the funding arranged by Lloyds Bank.

It says the new homes will improve the provision of affordable, energy efficient housing in its areas of operation.

A spokesperson said the association would prioritise energy performance though state-of-the-art insulation as part of CKH’s ongoing drive to reduce its residents’ energy bills.

Directors say the aim is to reach its 2,500 target by building up to 500 new affordable homes each year until 2027.

The association is currently working with local partners to identify sites for development that are within a one-hour drive from its Peterborough head office.

The association, which already owns and manages 12,500 homes in the East of England, is also the owner of the city’s flagship Northminster development, which will provide 315 high-quality homes in a 10 storey block when completed.

The £100 million funding was secured through a so-called private placement provided by Aviva Investors and Sun Life Capital Management with advice from Savills Financial Consultants.

CKH chief cxecutive, Claire Higgins, said: “We are delighted to have secured this first private placement. The funds will help us to deliver our commitment to build much needed good quality affordable homes people want.”

Rory Brown, director at Lloyds Bank, said: “There is a pressing need to develop the supply, quality, and sustainability of social housing not just in the East of England but across the UK.

"Housing Associations are playing a crucial role in providing more opportunities for more people to live in more affordable, warmer, better homes”.

Alex Morgan, Director at Savills Financial Consultants, said: “At a time when the sector is facing a multitude of challenges and uncertainties, this financing provides the organisation with valuable stability that will facilitate its continued impressive growth over the coming years.”