Trowers & Hamlins advises Tirion homes on major £100m regeneration project
International law firm Trowers & Hamlins has advised Tirion Homes on first phase refinancing of The Mill, a major £100 million residential led urban regeneration project in Cardiff, by M&G Investments.
The Mill is being delivered by Tirion Homes, a “not-for-profit” housing company that is seeking to provide more affordable choices to working people in Wales through the delivery of high-quality residential neighbourhoods in our towns and cities. The Mill will bring much needed affordable homes to West Cardiff on a former derelict site, which lay dormant for 20 years, and is being delivered through a collaboration between Tirion Homes, Principality Building Society, the Welsh Government and M&G Investments.
David Ward, CEO at Tirion, said:
“We are thrilled to have completed this initial refinancing with M&G who have worked closely with us over several years … It is a testament to this commitment that we have completed the transaction in these extremely challenging times with all parties working towards a common goal. Providing high quality affordable homes through residential led regeneration of major sites will play a critical part in the post Covid-19 economic recovery and the M&G investment provides a huge vote of confidence in the affordable housing sector in Wales."
Eddie O'Hanrahan, who led the Trowers team on the transaction, commented:
"The firm has been working alongside Tirion from inception over 8 years ago with banking, tax, structuring, governance, RE and other legal advice. Completion of the M&G funding therefore represents the culmination of a sustained and impressive collective effort on the part of the firm. We're delighted to have been able to play a part supporting Tirion. Their commitment and vision is phenomenal and they deserve every possible success with the important regeneration work which they are doing."
Mark Davie, Head of Social Housing at M&G Investments, said:
"Tirion has displayed ambition with this development project and this financing will help move it onto its next phase. The deal demonstrates the important role institutional investors play in providing finance to organisations that have a positive impact in the communities they operate in and our wider society. In this case, Tirion is regenerating an area that was left derelict for two decades and is creating homes and a community for thousands of residents.”