Trowers & Hamlins has advised Square Roots, the affordable housing subsidiary of developer London Square, in relation to a scheme delivering 125 new affordable homes on the former Hawks Road Health Clinic Site in Kingston upon Thames, South West London.
Square Roots partnered with Pension Insurance Corporation (PIC) who will fund the £50m scheme. The project also received £4.9m grant funding from the Mayor of London's affordable housing programme.
We advised Square Roots in relation to the structuring of the real estate elements of the project including drafting and negotiation of the agreement for lease which formed part of the development funding agreement between the parties as well as the lease arrangements between Square Roots and PIC.
This was PIC's first direct investment into affordable housing and provides further evidence of the way that institutional investors can partner with developers and housing providers to deliver more (and much needed) affordable housing.
The Trowers & Hamlins team was led by partners Rob Beiley and Jeremy Hunt.