The Wheatley Group has raised £250m through a bond issue to help build thousands of new homes across central Scotland, it has been announced.

The housing, care and regeneration firm has said the money will go towards the construction of 2,800 new affordable homes in the country.

This is thought to be the first time a Scottish housing association has raised money by issuing a public bond on the capital markets.

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In a statement, the group added that it closed the bond offer early due to high demand.

Alastair Dempster, Chair of Wheatley Group, said: "The phenomenal success of the Wheatley bond issue will benefit ultimately thousands of tenants and families across Central Scotland.

"This is a huge vote of confidence in the critical importance of the social housing sector in Scotland in creating and sustaining strong and vibrant communities."

Martin Armstrong, Wheatley Group Chief Executive, added: "The successful launch of our bond will enable us to increase hugely the supply of high-quality, affordable housing. We will now press ahead with our plans to build thousands of new, much-needed new homes across Central Scotland."

(JP/MH)