On June 23, 2016, the Ty Glas Extra Care Housing Project reached financial close. The project involves the funding of three new extra care housing developments in North Wales, along with the continued maintenance of a number of existing sites.
Established in 2000, Ty Glas is one of the subsidiaries of the Pennaf Housing Group, a Welsh housing association which acts as an umbrella organisation. The company was able to negotiate a £25.5 million facility with Standard Life Investments to finance the extra care housing schemes.
The project will provide additional extra care housing in Flintshire, Wrexham and Anglesey, as well as supporting existing housing in Llandudno.
In support of the project, Operis was pleased to complete an audit of the financial model, which included a review of the model’s accounting treatments.