The Church of England Pensions Board (CEPB) has agreed a £50m revolving credit facility with NatWest to help grow its retirement housing portfolio.

The agreement with NatWest came after a prior debt facility with a different bank was due for refinancing.

CEPB, advised by Newbridge Associates, collaborated with NatWest to obtain this new facility under more "favourable" conditions.

The facility will allow the CEPB to continue to purchase retirement properties to meet increasing numbers of retiring clergy households.

The provision of retirement housing is underpinned by funding from the Archbishops’ Council and the Church Commissioners for England.

Commenting on the agreement, CEPB director of housing, Tom England, said: “Retirement poses unique and significant housing challenges for our clergy.

“We are there to help with the offer of affordable retirement housing, alongside support to ensure a smooth and easy transition from active ministry to retirement.”

England thanked the NatWest team on behalf of CEPB for working with them on this facility to help it deliver its mission.

Adding to this, NatWest’s UK financing solutions director, Chris Rees, stated that it is “delighted” to assist CEPB in expanding and enhancing the energy efficiency of their retirement housing portfolio through this £50m revolving credit facility.

“We welcome CEPB as a new customer, and look forward to developing this relationship and supporting them further in future,” he said.

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