Trowers has advised Man Group on a £50 million funding package from HSBC UK to build more than 1,300 new properties across the country, with 90 per cent of the homes expected to be affordable housing.
Man GPM, the global private markets business of Man Group, will use the funding package to assist with the initial build of 600 homes across the South East, Midlands, Cambridgeshire and East Sussex.
Almost half of the funding from HSBC UK (£24m) will be delivered under the Social Loan Principles, where the loan will support economic activity which mitigates social issues and challenges, or achieves positive social outcomes.
Trowers banking team advised Man Group on all aspects of the financing, liaising closely with HSBC's advisors Eversheds as well as international counsel. This is the first financing to a For Profit Registered Provider Trowers has been involved with.
Shamez Alibhai, Managing Director and Head of Community Housing at Man GPM, said:
“This transaction significantly enhances the ability to realise our ambition to create more affordable, sustainable homes in the UK.
“The funding represents our Community Housing team’s first ESG loan, which is an important milestone for us. We appreciate the Trowers team’s advice during this process and look forward to continuing our work to deliver more affordable homes and ultimately help create sustainable, vibrant communities.”
Naomi Roper, a Partner at Trowers, said:
"We are thrilled to have supported Man Group on this exciting, innovative and sustainable financing with HSBC and it has been a pleasure working with the Man Group team. The finance provided will assist Habitare Homes Limited with the creation of high quality, affordable homes and help them to further their ESG goals."
The Trowers banking team was headed up by Naomi Roper who led on the transaction, with assistance from Lara Marsden (Associate), Samer Almaz (Solicitor) and Katie Evans (Trainee).