International law firm Trowers & Hamlins has advised global investment firm Sixth Street on its £1 billion strategic partnership with social and affordable housing investor HSPG and for-profit registered provider Park Properties Housing Association (PPHA).
Sixth Street has agreed a £1 billion strategic partnership with HSPG and PPHA, one of the largest institutional investments into affordable housing ever seen in the UK, with Sixth Street providing the majority of the equity capital. HSPG will continue to lead the strategic direction and asset management of PPHA's platform alongside its existing management team. The partnership will deliver homes across all affordable tenures, including affordable rent, social rent and shared ownership.
Trowers acted as specialist legal adviser to Sixth Street in support of lead counsel Simpson Thacher & Bartlett, delivering comprehensive due diligence across PPHA's portfolio of nearly 1,000 homes, and future pipeline as well as supporting STB on the specialist aspects of the corporate and financing transactions. The firm's long-standing expertise in the affordable housing sector enabled the team to provide a fully integrated and commercially astute risk analysis spanning real estate, construction, regulatory, corporate, data, employment and financing workstreams.
This transaction demonstrates the transformative role that institutional capital can play in addressing the UK's housing crisis. Trowers' involvement reflects the firm's position as a trusted adviser to institutional investors operating in this space, combining technical rigour with genuine sector expertise to support transactions that have real and lasting impact.
Lizzie Pillinger, Partner in the Real Estate team, said:
"We are delighted to have advised Sixth Street on this landmark transaction. Trowers & Hamlins has a long track record of supporting private institutional investment into affordable housing, and this £1 billion partnership is a powerful demonstration of what can be achieved when capital is deployed at scale and with purpose. We look forward to seeing the difference this partnership will make to communities across the UK."
The team was led by Lizzie Pillinger, supported by Nikita Asher, Anna Streeter, Aisling Chilton, Gary Leckenby and Laura Smith (Real Estate); Rob Beiley and Emma Kirby (Regulatory); James Huckstep and Shannon Dowling (Projects and Construction); Nicola Ihnatowicz (Employment); Claire Scanlon and Lucinda Mills (Corporate); Matt Whelan and Vaughan Somerville (Commercial) and Lara Marsden (Banking and Finance).
