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Trowers & Hamlins’ Real Estate Finance Security team secures nearly £2 billion in bonds and private

Trowers & Hamlins' Real Estate Finance Security team secures nearly £2 billion in bonds and private placements

Trowers & Hamlins' Real Estate Finance Security team has successfully charged almost £2 billion worth of property over the last 12 months, securing a plethora of bonds and private placements on behalf of its Registered Provider clients.

Of the bonds and private placements included in Social Housing magazine's professionals' league table, published in July 2015, the Real Estate Finance Security team charged £1.87 billion worth of property over the last 12 months.  In addition, the team charged 700 properties for a housing association private placement not included in the table, taking the total value of property charged over the last 12 months to £1.91 billion. 

Taking into account all of these transactions, the number of properties charged since July 2014 by the team exceeds 65,000. 

Trowers & Hamlins' Real Estate Finance Security team is led by Katie Dyer and comprises 14 senior lawyers and eight paralegals, administrative assistants and trainees.  The national team acts for Registered Providers of affordable housing, as well as lenders and security trustees, on all aspects of charging work. 

Highlights over the last 12 months for the team include: 

  • Advising Boston Mayflower on the first simultaneous bond issue and US private placement by a Registered Provider.  This enabled Boston Mayflower to completely refinance its existing bank debt and raise further funding for future development.
  • Acting as issuer counsel on a £250 million bond issue for The Guinness Partnership Limited (TGPL). This involved over twelve months of work, carrying out full due diligence in order to prepare a very substantial portfolio of properties ready to be charged as security for the bond proceeds.  TGPL not only secured all of the retained bond element upfront, giving them flexibility when opting to issue their retained bonds, but also charged a substantial number of additional properties to the Bond Trustee in order to provide flexibility when coming back to market.  TGPL opted for a direct issue from the RP rather than using a special purpose vehicle.  In doing so, the RP achieved one of the housing sector's most competitive coupons for 30-year money, in part due to the Real Estate Finance Security team's ability to complete all the property charging work in advance of the issue. 
  • Acting for Orbit Housing Group on its maiden, 30-year £250 million bond issue (including £50 million retained bonds).  Orbit established a new subsidiary, Orbit Capital plc, which issued the bonds.  The bond proceeds were then on-lent to registered provider Group members.  The bond completed within a tight nine-week timescale with the Real Estate Finance Security team undertaking due diligence on over 3,400 properties in that short period.
  • Advising Cross Keys on the housing sector's first "green" bond, valued at £150 million.  The Real Estate Finance Security team carried out full due diligence on a sample of 3,400 properties, and top up due diligence on a sample of 4,700 properties.
  • Acting for Richmond Housing Partnership (RHP) on its £175 million bond issue – the lowest 30-year own-named bond issue ever achieved in the housing sector.