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Penarian Housing Finance Plc: 07 June 2017


PenArian Housing Finance Plc is a special purpose vehicle established for the purpose of issuing asset backed securities, namely the Bonds, as well as incurring other indebtedness and lending the proceeds thereof to the borrowers to be applied in accordance with the relevant borrower's constitutional documents.

Pennaf Limited is the parent company of the Pennaf Group. The Group contains three Registered Social Landlords: the Group Parent, the Original Borrower and Tŷ Glas Housing Society Limited. Both the Original Borrower and Tŷ Glas are registered societies within the meaning of the Co-operative and Community Benefit Societies Act 2014 and exempt charities. The Group Parent is a non-charitable company limited by guarantee. The Group is active in seven local authority areas in Wales and owns and manages over 5,600 homes. It employs over 629 people.

The Group currently provides the following homes and services: general needs, intermediate and social rented housing; older persons housing including supported housing, residential and nursing home places and extra care (independent living); low cost home ownership; property management services; and frontline services through its primary operating associations, the Original Borrower and Tŷ Glas. The Group also provides a range of professional and support services to both internal customers and residents.

The Valuation Report was prepared by Savills Advisory Services Limited

Summary of valuations

A summary of the values of the Charged Properties set out in the Valuation Report is set out below:

Units……… EUV-SH is appropriate……………Units…………… MV-ST is appropriate..........Total
788………… £38,087,000…………………… ... 2,108…………… £163,276,000……………. £201,363,000

A further 82 Units have been attributed a nil value

Each Borrower shall deliver a Valuation Report to the Issuer and the Security Trustee at least once in every period of five calendar years in accordance with Clause 12.1 (Full Valuations) of the Original Loan Agreement or the corresponding clause in any Additional Loan Agreement, as applicable. The first Valuation Report must be delivered within 60 days of 31 March 2022.