Vistry Group PLC Sustainability Linked Financing
December 17 2021 - 2:59AM
RNS Non-Regulatory
TIDMVTY
Vistry Group PLC
17 December 2021
17 December 2021
Vistry Group PLC
Sustainability Linked Financing
Vistry Group PLC (the "Group") is issuing notice of the
completion of its new Sustainability Linked Revolving Credit
Facility on 16 December 2021.
As part of this financing, we are pleased to re-affirm our
commitment to our sustainability strategy, with the interest
payable on the facility being determined, in part, by our ability
to meet three Sustainable Performance Targets (SPTs), details of
which are set out below.
Meeting these targets will result in lower interest payments for
the Group and to ensure we can both encourage and support our
colleagues to engage further in the homes and communities in which
they work and live, these interest savings will be put into a
matching fund for charitable activities undertaken by our
staff.
Greg Fitzgerald, Chief Executive said:
"As a major housebuilder we fully understand our
responsibilities to the people who work with us, the natural
environment, and the homes and communities we help create. Our
targets address the shortage of skilled labour in the construction
sector; the carbon emitted from our role as one of the UK's largest
housebuilders; and the lack of high-quality affordable housing in
the UK."
SPT1 - Our People. It is widely recognised that the construction
industry faces significant labour shortages as a result of an
ageing workforce and the loss of skilled labour from the job
market. Vistry is committed to growing the number of skilled
workers in the market through the operation of its skills
academies. These nationwide academies are located on some of the
Group's larger sites and, in conjunction with local colleges,
provide training to a broad range of individuals who are new to the
industry. Some graduates may go on to become direct Vistry
employees with a much larger number expected to gain employment
through Vistry's sub-contractor network and the wider market.
Our commitment: to put 550 learners through our skills academies
by 2025 from today.
SPT2 - Our Operations. The environmental standards for what we
build are determined by regulations such as the Future Homes
Standard. Consequently, our target is to improve how we build our
homes in the future, a target that also aligns with our commitment
to achieve a 1.5'c target and one that will be consistent with our
Science Based Targets initiative ("SBTi") targets once they are
received in 2022.
Our commitment: to reduce scope 1 and scope 2 CO2 emissions by
4.2% for each year of the financing period.
SPT3 - Our Homes and Communities. The largest supply / demand
gap in the housing sector is in the provision of high-quality
affordable homes. At Vistry, we consider that the building of
quality, affordable homes is the right thing to do for our
communities. Our affordable homes targets are significantly in
excess of the requirements of s.106 or other planning requirements,
driven by our ethos, enhanced market absorption rates and our
strong relationships with registered social housing providers.
Our commitment: to deliver a year-on-year increase in additional
affordable homes beyond our planning compliance requirements.
In 2021 we will deliver around 850 additional affordable homes
in excess of our planning compliance obligations.
Enquiries:
Vistry Group PLC
Earl Sibley, Chief Financial Officer 01675 437160
Powerscourt
Justin Griffiths, Nick Dibden, Victoria Heslop 020 7250 1446
vistry@powerscourt-group.com
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