International law firm Trowers & Hamlins has advised Peabody Trust on a landmark £60,000,000 deal involving the first National Wealth Fund-guaranteed Green Retrofit Loan Facility with Lloyds Bank.
The Peabody Group owns and manages over 108,000 homes across London and the South East, making it one of the largest social housing providers in the country.
This new price-competitive unsecured finance gives Peabody Trust £60,000,000 to apply towards eligible measures for retrofit including the installation of low carbon heating, insulation, low carbon lighting, renewable energy, ventilation and heating controls, as well as resilience measures and biodiversity. The funding, made possible by NWF and Lloyds, enables Peabody to make significant progress towards the positive change it is targeting in line with its ESG objectives, as outlined in its Sustainability Action Plan.
This is the first deal for Lloyds Bank lending to a registered provider of social housing to enable the retrofit of their stock on an unsecured basis backed by NWF's guarantee. The goal of NWF's funding project is to allow housing associations to accelerate the decarbonisation of their housing stock, reducing energy consumption and emissions while improving quality of life for residents.
Jasna Djurisic, Managing Associate in Trowers & Hamlins Banking and Finance team, commented:
"We are extremely pleased to have worked with Peabody on this new facility which required speed and collaboration from all parties involved. Peabody's Environmental Sustainability Strategy is integral to their business and echoes Trowers' environmental policy and Carbon Reduction Plan."
Sara Bailey, Senior Partner at Trowers & Hamlins, said:
"This landmark deal highlights the strength and expertise of our Banking and Finance team, who continue to lead the way in advising on innovative financing structures. We’re proud to support clients like Peabody in driving forward investment and innovation in the social housing sector."
Anthony Marriott, Director of Treasury and Corporate Finance at Peabody, added:
“This extra funding will help us improve the energy efficiency of more residents’ homes and support us as we work to meet our net zero goals. Creating better homes and places is one of the key priorities in our new Group Strategy, so getting this deal over the line is an important step on our sustainability journey.”
The transaction was led by Jasna Djurisic, supported by Partner Eleanor James and Associate Jonjo Parry.

