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Trowers & Hamlins advises One Vision on £40m private placement

Trowers & Hamlins advises One Vision on £40m private placement

Trowers & Hamlins is pleased to have advised long-standing client One Vision Housing on securing a £40m private placement from M&G Investments.  One Vision Housing provides more than 11,500 homes across Sefton, Merseyside, and is at the forefront of the wider regeneration of the area.

One Vision Housing will use the 30-year private placement to refinance existing bank debt, fulfil its development ambitions and continue its regeneration work.  The transaction was agreed at an all-in cost of 4.85 per cent.  One Vision is now looking to deliver more than 536 homes over the next five years, with 413 at social or affordable rent and 123 planned for shared ownership.

Roy Williams, Chief Executive of One Vision Housing, said: "This funding places us on a secure financial footing and will ensure we are able to fulfil our immediate and long-term ambitions to develop and maintain high quality affordable homes and create a lasting legacy in our communities.”

Manchester-based Banking and Finance partner Neil Waller led the Trowers & Hamlins team on negotiating the revision of the loan facility and private placement.  Solicitor Paul Brock and Senior Associate Eleanor James assisted on the financing side, and client partner Mike Gaskell also provided support.   

Neil Waller commented:  "We are delighted to have helped secure this financing for One Vision.    Securing this funding puts One Vision in a strong position to move forward with its plans to deliver much needed housing in the North West."

On the real estate due diligence side, Managing Associate Melanie Comer led the team with support from Nicola Jones and Rachael Pallier.  Detailed property due diligence was carried out on 2,300 properties which were charged as security for the placement. 

Since July 2013 Trowers & Hamlins' Property Charging team has secured properties to raise over £1.1 billion of funding.  In the period between July and December 2013 the team raised £350 million – more than any other UK law firm in the same period within the housing sector.  The firm was also responsible for the largest single housing association transaction between January 2012 and February 2014 where Peabody raised £350 million on a capital markets issue.