Wheatley Group has secured up to £65 million of private investment from the Royal Bank of Scotland and Bank of Scotland.

The funding boost will be used by the Group to help deliver 3,500 'affordable' homes across the country.

In addition to the new five-year revolving credit facility, Wheatley's major fundraising drive has also secured;

• £100m of private finance from the world's largest fund manager Blackrock in May this year

• £50M in 2015 to develop Lowther Homes' portfolio from Royal Bank of Scotland and Bank of Scotland

• £300 million of bond finance from the London capital markets in 2014

Elsewhere, First Minister Nicola Sturgeon has visited a new £11m 105-home development on the site of the former Govan Tram Depot in Glasgow.

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The historic Govan site, which takes in Brand Street, Harvie Street and Clutha Street, comprises 85 homes for social rent by Glasgow Housing Association ( Wheatley's largest partner organisation) and 20 mid-market flats in the refurbished former red sandstone tram office, which are let and managed by Lowther Homes.

The homes were designed by Collective Architecture and built by contractors Cruden Building & Renewals. The scheme was part funded by Scottish Government grant of £5.5m and by the funding raised by Wheatley Group.

First Minister Nicola Sturgeon said: "Access to good quality housing is a vital part of our drive to secure economic growth, promote social justice, strengthen communities and tackle inequalities. That's why this government is investing more than £3 billion to deliver at least 50,000 affordable homes – 35,000 for social rent – over the lifetime of this Parliament."

GHA Chair Bernadette Hewitt said: "This outstanding development features great new homes for social rent, coupled with attractive mid-market apartments in the restored and refurbished tram depot.

"It's an excellent example of how GHA, Lowther and Wheatley are playing their parts in Glasgow and across Scotland to address the acute need for new energy-efficient, affordable homes."

(LM)