News Release | January 20, 2020

Hyde completes syndicate loan with Wells Fargo

Hyde Housing Association has signed a new £50m loan with Wells Fargo Bank N.A. London Branch ("Wells Fargo"), smoothing out its debt maturity profile and further enhancing its fully-funded five-year development plan. This is the first time that Wells Fargo has invested in the social housing sector in the UK and demonstrates their confidence in the strength of Hyde.

The loan from Wells Fargo adds to Hyde's existing syndicate which comprises two other loans signed last year – a £200m NatWest loan over a ten-year period and a £150m club loan over a seven-year period; both on pricing comparable to, or better than, a bond. As revolving facilities, they have flexible drawdowns and can be drawn at any time.

Anna Wallace, Hyde's Treasurer, said: "We are delighted to work with Wells Fargo and bring them in to our existing club deal, representing their first deal in the sector. We have found Wells Fargo to be a pleasure to deal with and are looking forward to building on our relationship in future. The substantial interest that Hyde have had from our investors in our debt raising activities has demonstrated the support and positivity that lenders see in Hyde and the wider sector. The basis of the club deal puts all investors on the same terms which makes the funding quick, easy and cost effective to execute and maintain."

John Langley, Regional President EMEA, Wells Fargo said: "We are absolutely delighted to partner with Hyde on our first financing to a UK Housing Association. Affordable housing finance is a key product line for Wells Fargo in the US and we are looking forward to expanding our footprint to the UK. It is an exciting time for the sector and we hope to provide a meaningful contribution through our wide range of products as we seek to increase our commitment to the UK real estate market."

Hyde has a fully-funded five-year development programme, which has been stress-tested under an enhanced Bank of England model.

Julian Barker, partner at Devonshires who acted for Hyde, said: "This loan by Wells Fargo, the first into the RP sector, is hugely significant for Hyde and indeed other housing associations. It shows great faith in the strength of Hyde's business and the buoyancy of the RP sector as a whole. I am delighted that Devonshires was able to work closely with all parties involved and help get the loan secured for our client."

Steve Mackie, Head of Finance, Addleshaw Goddard who acted for Wells Fargo, commented: "It was excellent for our team to be able to support Wells Fargo and the existing lending club on Wells Fargo's first loan into this important sector with Hyde where it will be focussed on building and developing financially accessible homes."

About the Hyde Group

The Hyde Group was established in 1967 to provide homes for those left behind by the market. We are an award winning provider of homes, combining social purpose with entrepreneurial drive and professionalism.

Hyde is one of the largest housing associations working in England, owning or managing circa 50,000 homes in London, Kent, Surrey, Sussex, Hampshire, the East of England and East Midlands. This means that more than 100,000 residents have a home at a price at which they can afford, with long tenancies that give them the chance to improve their life chances.

The homes that we build, as well as the ones we already own, include those for shared ownership, for social rent, for outright sale and for private rent. Hyde Housing Association is a not-for-profit organisation but our family of companies, which makes up the Hyde Group, includes charities and profit-making subsidiaries.

Housing associations were set up to support people in housing need and this remains at the heart of everything we do today. We’re independent, charitable organisations and all the money we make is reinvested in building more affordable homes and delivering services for our residents.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet ( and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2019 rankings of America's largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found: Website | Twitter .

Contact Information

Hyde Housing Association

Di Merwood, Communications Manager for Hyde Housing Association on +44 (0)7918 057874

Wells Fargo

Adaora Anunoby, Communications Advisor for Wells Fargo on +44 (0)755725 4868