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GLOBAL CORPORATE TRUST SERVICES
Financial strength. Local expertise. Global reach. |
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2015 Autumn |
| Growing the Private Rented Sector |
 U.S. Bank Global Corporate Trust Services is excited to partner with Venn Partners and its wholly-owned subsidiaries PRS Operations Limited and PRS Finance Plc to support a government-backed programme that encourages institutional investment in the private rental sector by using a government guarantee to secure long term financing.
The government recently signed an agreement with PRS Operations Limited, a new organisation that will secure institutional investment in new homes, specifically for private rent, to manage the Private Rented Sector Housing Guarantee Scheme. The government guarantee will support the growth of new homes in the private rented sector, benefiting both housing providers and tenants. Eligible housing providers will raise debt backed by a government guarantee. This will help reduce their borrowing costs while increasing the number of new homes they can afford to provide. It is hoped tenants will experience expanded housing choices through the increased amount of higher quality homes available for rent.
“We look forward to supporting this exciting programme, which should help stimulate investment and growth in the private rented sector,” said Tom Cubitt, senior vice president, Global Corporate Trust Services, Europe. “Our clients can rely on us for consistent, superior services from a dedicated support team.”
Government-backed loans up to £3.5 billion will be available to institutional investors with financing needs of over £10 million in respect of homes for private rent. PRS Operations, through its subsidiary PRS Finance, will arrange up to £3.5 billion of funding in a combination of different bond tenures.
U.S. Bank will serve as Trustee, Cash Manager, Account Bank, and Common Depository on a bond programme issued by PRS Finance Plc to raise funding for the scheme. Our team of professionals tailor solutions that work for each client to ensure a seamless execution of every transaction, from inception to maturity. As a trustee and agent, we work collaboratively with our clients to provide the experience, efficiency, and flexibility required to exceed their expectations.
To learn more about U.S. Bank’s partnership with PRS Operations, please contact Emma Hamley, vice president, Business Development, at emma.hamley@usbank.com. |
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usbank.com/corporatetrust
U.S. Bank Global Corporate Trust Services is a trading name of Elavon Financial Services Limited (a U.S. Bancorp group company), registered in Ireland with the Companies Registration Office, Reg. No. 418442. The liability of the member is limited. Registered Office located at Block E, First Floor, Cherrywood Business Park, Loughlinstown, Co. Dublin, Ireland. United Kingdom branch registered in England and Wales under the number BR009373. U.S. Bank Global Corporate Trust Services acts through the United Kingdom branch from its office located at 125 Old Broad Street, Fifth Floor, London, EC2N 1AR. Authorised by the Central Bank of Ireland. Regulated for conduct of business in the UK on a limited basis by the Financial Services Authority.
U.S. Bank is not affiliated with the entities or organizations mentioned.
U.S. Bank Global Corporate Trust Services · 125 Old Broad Street, Fifth Floor · London, EC2N 1AR
© 2015 U.S. Bank, National Association, Member FDIC. All rights reserved.
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