Firms in the Spotlight Social housing: finance

Ronald Fletcher Baker LLP

Ronald Fletcher Baker attracts a diverse client base from financial institutions, high-net-worth individuals and substantial freehold corporate investors, as a result of which the firm has considerable expertise acting for corporate investors based in the BVI, Bahamas, Mauritius, Seychelles, Turkey and Isle of Man. This department also acts for sellers and buyers, and buy-to-let investors, …

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Social housing: finance in London

Addleshaw Goddard

Addleshaw Goddard is sought after by major lenders, lead arrangers, and investors to offer advice on the gamut of social housing finance mandates. This offering encompasses debt financing, refinancing, and restructuring matters, and notably, the group has also been active in some of the sector’s first green loan facilities, as well as key mergers. Taking an active role in a large volume of the team’s key transactions, housing finance head Lee Shankland-Gort also leads the firm’s social, sustainable, and green finance group, which assists clients with sustainability-linked lending; Nick Barlow chairs this group in Leeds with expertise in complex social housing transactions. Jennie Chilton heads up the firm’s social housing finance property security practice, and frequently assists clients with securing large portfolios of social housing stock, bond issues, and private placements. Head of the debt capital markets group Beth Collett is another key name, as well as Helen Hunter, who boasts strong relationships with key brokers and housing associations, and managing partner Steve Mackie, who leads the firm-wide finance and projects group with significant experience in large debt transactions.

Practice head(s):

Lee Shankland-Gort


Other key lawyers:

Nick Barlow; Steve Mackie; Jennie Chilton; Beth Collett; Helen Hunter; Geoff McGinley; Iain Rodley; Joanne O’Dea; Neil Pavitt; Louise Wood


Testimonials

‘Knowledge of both the sector and the legal side, speed of response, accessibility, depth of the team, and amazing collaboration.’

‘The standout individuals are Lee Shankland-Gort and Geoff McGinley. They are excellent, proactive, and pragmatic with collaborative relationships. These individuals always go above and beyond to provide an outstanding, first-class service.’

‘Addleshaw Goddard is the pre-eminent lender law firm in the social housing sector. Their expertise and knowledge is second-to-none.’

‘Lee Shankland-Gort and Geoff McGinley are the main contacts. As well as being excellent lawyers, they are always available, always go the extra mile and always add value to the relationship.’

Key clients

Barclays Bank PLC


The Royal Bank of Scotland plc


National Westminster Bank Plc


Santander UK plc


Lloyds Bank plc


Clydesdale Bank PLC


HSBC UK Bank plc


MUFG Bank, Ltd


National Australia Bank Limited


Nationwide Building Society


ARA Venn


Work highlights


  • Acted for each of the 14 funders on the final ‘stage 2’ of the £11bn merger of Peabody Trust and Catalyst Housing, and the necessary refinances and consents under existing facility agreements.
  • Acted for ABN AMRO Bank N.V., Barclays Bank, HSBC UK Bank, LGIM, Lloyds Bank, and new private placement investors in connection with approximately £455m of new sustainability-linked facilities and private placements to Bromford Housing Group.
  • Advised a UK life insurance fund and a European investment bank as purchasers, NatWest Markets Plc as Placement Agent, and M&G Trustee Company Limited as Bond Trustee on £338.5m of capital markets funding by Southern Housing in 2023.

Devonshires Solicitors LLP

For borrowers in the social housing sector, Devonshires Solicitors LLP is a go-to firm, with a large volume of registered providers in its impressive client base. The practice offers clients support with raising debt finance from banks or through the capital markets, as well as with ESG loans, borrowing from local authorities and funds, and joint venture funding arrangements. The ‘deeply knowledgeable’ Julian Barker sits at the helm of the banking and capital markets team with expertise in bond issues, private placements, and syndicated and bilateral loans, and Sharon Kirkham chairs the securitisation practice with significant experience in refinancing transactions. Gary Grigor and Chris Drabble head up the Leeds-based banking and securitisation teams respectively. Other key members of the team include Natalie Swales, who specialises in non-contentious transactional finance work, Rachel Orgill-Harris, who is especially skilled in advising issuers on high-value public bond issues and bond programmes, and Alice Overton, who is sought after by housing association treasury teams.

Practice head(s):

Julian Barker; Gary Grigor; Sharon Kirkham; Chris Drabble


Other key lawyers:

Saghar Roya; Alice Overton; Natalie Swales; Rachel Orgill-Harris; Carlos Fernandes; Sara Snook; Carolyn Thomas; Rachel Eldridge; Andrew Cowan


Testimonials

‘The team has specialist knowledge of our sector and provides strong support.’

‘We have a great relationship with the Devonshires’ social housing finance team, led by Julian Barker. They are always available, responsive and pragmatic in guiding us through whatever comes up, and they know the lay of the land across the sector to help in guiding best practice.’

‘They fight our corner doggedly when needed, but also guide pragmatic and realistic compromise to maintain transaction momentum when it is acceptable to do so.’

‘Julian Barker is relaxed, pragmatic, deeply knowledgeable and willing to have a real conversation using normal language that leads to practical action rather than living in a world of caveats and legal jargon. Great to work with and always on speed dial when anything comes up.’

‘Carolyn Thomas is attentive, independent and able to work through the details of loan agreements, restatements, variations and such like to ensure everything is attended to.’

‘Great knowledge of the sector.’

‘Good availability of Julian Barker.’

Key clients

Southern Housing


Yorkshire Housing


Grand Union Housing Group Limited


Stonewater Limited


Abri Group Limited


South Lakes Housing


Jigsaw Homes Group Limited


Sage Housing Limited


Pobl Group Limited


The Riverside Group Limited


Walsall Housing Group


Midland Heart Limited


Clarion Housing Limited


London & Quadrant Housing Trust


LiveWest Homes Limited


West Kent Housing Association


Work highlights


  • Advised Grand Union Housing Group on its £332m group refinancing and property charging exercise.
  • Advised Riverside Housing Group on its £365m private placement.
  • Advised Abri Group and Silva Homes on the £850m restructure of their debt portfolios in connection with their recent merger.

Bevan Brittan LLP

Bevan Brittan LLP’s housing team is well regarded for its expertise in transactions surrounding private placements, bank lending, derivatives, structured finance, and securitisations. Advice on new loans and existing facilities, refinancings, and joint venture arrangements are also a key area for the practice, and the group is active in assisting with the funding of local authorities investing and lending into housing. Louise Leaver chairs the department with expertise in representing both lenders and borrowers, and is ably supported by Sarah Greenhalgh, who handles mergers and general governance work, and Wendy Wilks and Jessica Church, who advises registered providers on the security elements of their finance projects. The group has undergone expansion with the addition of Katie Dyer from Trowers & Hamlins LLP and Rose Klemperer from Devonshires Solicitors LLP at the beginning of 2024.

Practice head(s):

Louise Leaver


Other key lawyers:

Wendy Wilks; Katie Dyer; Jessica Church; David Moore; Deborah Rowntree; Louise Mookerjee; Rose Klemperer; Sarah Greenhalgh


Testimonials

‘The firm in the last few years has built a strong social housing team, recruiting some great talent of partners with strong and excellent expertise.’

‘Katie Dyer, who has recently joined Bevan Brittan, has in-depth and great knowledge in the area of property charging. Katie has contributed to efficiencies being made in the wider sector, and she is really approachable and collaborative and makes clients feel at ease by using plain language to explain legal terms.’

‘Friendly to work with and pragmatic.’

‘Bevan Brittan provide an experienced team of loan security specialists in the social housing sector. Their personal touch through established relationships has seen the team grow in strength, team size and reach in sector. They have a breadth of expertise and national coverage.’

‘Katie Dyer, who recently joined Bevan Brittan, brings a depth of experience and knowledge that will strengthen their offering further.’

‘The key distinction with Bevan Brittan is their speed of action. Across the team we see a prompt, informed, and professional response to all matters.’

‘The team at Bevan Brittan are all highly qualified professionals who are extremely knowledgeable about the social housing sector. The team provide sound and pragmatic advice to their clients and seek to increase collaboration wherever possible.’

‘Wendy Wilks and her team are friendly, approachable and professional. They all go the extra mile to make sure that their clients needs are met. They have recently expanded their team to include fee earners from competitor firms who are known for their expertise in the social housing sector and will make excellent additions to a team that is already well respected.’

Key clients

ForHousing


Saltaire Finance Plc (ARA Venn)


Together Housing Group


Sovereign Network Group


Orbit Homes


The Housing Finance Corporation Limited


Affordable Housing Finance Plc


bLEND Funding Plc


Hyde Housing


Settle Group


Nottingham Community Homes


Platform Homes


ForViva Group


54North


Network Homes


Settle Group


Silva Housing Limited


Southern Housing Group


VIVID Homes


M&G Investment Management Limited


M&G Trustee Company Limited


Work highlights


  • Advising Peabody Trust on its major joint venture with Hill Partnerships for the funding and development of the former Ford car manufacturing plant in Dagenham to deliver 935 new homes.
  • Advising Saltaire Finance Plc and Saltaire Housing Limited on its delivery of the Government’s Affordable Homes Guarantee through drafting, reviewing, negotiating, and completing the new £50m loan to Coastline Housing.
  • Advising Nottingham Community Housing Association on the negotiation and agreement of a new secured £70m, 5 year revolving credit facility.

Trowers & Hamlins LLP

London-based managing partner Adrian Carter leads the firm’s nationals banking and finance practice at Trowers & Hamlins LLP, which is skilled in advising for-profit providers on their financing mandates, as well as acting in some of the sector’s first green and sustainable financing arrangements. Large property portfolios used to secure housing finance transactions are a key area of work for Melanie Comer, who co-leads the national real estate finance security team from Manchester alongside Exeter-based Hannah Jackson, while Eleanor James heads up the Manchester-based banking and finance group. In team news, Natalie Singh joined the firm from Anthony Collins Solicitors LLP at the beginning of 2024 with expertise in advising housing providers, while Neil Waller retired from the partnership, Naomi Roper joined Capsticks LLP, and Katie Dyer joined Bevan Brittan LLP.

Practice head(s):

Adrian Carter; Melanie Comer; Hannah Jackson; Eleanor James


Other key lawyers:

Simon Valner; Rishi Sarin; Jasna Djurisic; Nicola Almond; Natalie Singh


Testimonials

‘The practice contains a depth of skills and experience across a range of subjects that not all firms possess.’

‘In addition to their technical skills, individuals have a positive attitude. All questions raised were responded to promptly and a really proactive approach was taken to successfully completing the transaction on time.’

‘The team provide expert drafting and advice, with an enthusiastic, commercial, and down-to-earth attitude. It is a pleasure to work with this team, who go the extra mile to make me and our business feel like a priority.’

‘They use a blended team, adopting skill level and expertise to each matter. They have a no-nonsense approach, and a traffic light system which my business users find incredibly easy to understand, interpret and use.’

‘I have one key point of contact, making communications and instructions effective and streamlined. The individuals working in the team provide common sense advice, which cuts across complex legal, technical and commercial issues, which is digestible and readable by business users, which is a critical help to me and my function.’

‘They approach each case and matter using the know how they’ve gained from working with me and my business colleagues and don’t ask the same thing twice.’

‘Efficient and client-focused team.’

‘The whole team is expertly led by the partners, who take time to understand our needs and work hard to deliver them.’

Key clients

Peabody Trust


The Guinness Partnership Limited


Sovereign Network Group


Vivid Housing Limited


Bromford Housing Group


Aster Housing Group


Adra Tai Cyfyngedig


Selwood Housing


Tirion Housing Group


Freebridge Community Housing Limited


Work highlights


  • Advised Peabody Trust on the funding consents, amendments to funding documents, and property security requirements in order to implement the second stage of their merger with Catalyst to form a housing provider of over 104,000 homes serving 220,000 residents.
  • Advised Bromford Housing Group on all funding and security aspects of a new £100m secured sustainable private placement with three investors.
  • Acted for Vivid in connection with the first annual update to its £2bn euro medium term note programme established in 2022 in order to facilitate future potential (unsecured) non-sterling issuances.

Anthony Collins Solicitors LLP

Anthony Collins Solicitors LLP predominately acts for borrowers in the social housing sector, and the team boasts expertise in capital markets, the funding of joint ventures, and the use of treasury vehicles. The group is also known for advising on refinancings and restructurings with a specialist property charging team, as well as on mergers and property development finance mandates. Birmingham-based consultant Ashley Allton and Julia Robertson, who joined the firm from Trowers & Hamlins LLP at the end of 2023, jointly sit at the helm of the team. Robertson’s client base includes high-profile national housing associations and national and challenger banks. Adriana Klincova is skilled in project and property finance, while Michael Nutman has expertise in transactional, regulated, and unregulated finance matters. Natalie Singh joined Trowers & Hamlins LLP in January 2024.

Practice head(s):

Ashley Allton; Julia Robertson


Other key lawyers:

Adriana Klincova; Michael Nutman


Testimonials

‘ACS are a borrower-side law firm in the social housing finance market.’

‘Michael Nutman has really good deal management skills and his non-confrontational style works well in this sector.’

‘They were friendly and enthusiastic about our project and they were able to explain complex legal structures to me in a way that helped me understand them.’

‘I worked with Michael Nutman and I found him to be approachable, clear and personable. ’

‘The banking team feels balanced.’

‘A key strength and differentiator of Anthony Collins and their staff is not just their sector expertise but their focus and ability to utilise this expertise to the individual circumstances of their clients.’

‘Throughout the year, Anthony Collins have contacted us with advice on matters that they have identified are relevant to us and our business.’

Key clients

Walsall Housing Group Limited


Futures Housing Group


Leeds Federated Housing Association Limited


West Kent Housing Association


Bolton At Home Limited


Citizen Housing Group


Housing Plus Group


Golding Homes Limited


Gloucestershire City Homes Limited


Weaver Vale Housing Trust


Work highlights


  • Advised WKHA on a wide range of funding work-streams in the second half of the financial year, including two amendment and restatements, three new facilities, and one linked ISDA which in aggregate has provided WKHA with loans of £224m on improved terms and new funding of £175m on innovative terms.
  • Advised Housing Plus on the amendment of its existing £245m loan facilities agreement with Nationwide Building Society together with a new £45m revolving credit loan facility with Lloyds Bank plc.
  • Advised GCH on the amendment and restatement of their existing £100m facility with The Royal Bank of Scotland plc.

Clarke Willmott LLP

Clarke Willmott LLP boasts specialist commercial property and banking lawyers who focus on the social housing arena. The group acts for a significant number of registered providers, as well as funders, on a wide range of funding arrangements, encompassing bilateral and syndicated facilities, private placements, and aggregated bonds. Head of the Cardiff office Vicky Kells and Lindsay Felstead in Manchester jointly lead the practice; Kells specialises in social housing lending and large-scale stock rationalisation mandates. Fraser MacRae, also in Manchester, sits as joint head of the firm’s banking and finance team, and he is especially skilled in secured funding matters.

Practice head(s):

Vicky Kells; Lindsay Felstead


Other key lawyers:

Fraser MacRae; Bethan Evans; Charlotte Lord


Testimonials

‘The people are very professional and friendly.’

‘Professional service and speed of delivery. The team are great to work with and are very responsive to queries.’

‘Highly experienced and knowledgeable, Vicky Kells is a pleasure to work with as she takes ownership of the transaction and leads from the front. From our clients perspective, they have impressed with the service Clarke Willmott provides when acting on our behalf. ’

‘Outstanding knowledge of the sector in question. Regarded as a go-to firm for social housing.’

‘Vicky Kells and Fraser MacRae are without doubt experts within this field.’

‘Vicky Kells is great at what she does. Her advice is clear and concise and always prompt.’

‘Charlotte Lord is fantastic. Very quick at responding with detailed advice.’

Key clients

Tai Calon


Southern Housing


Bromford Group


Wales & West Housing Association


Hafod Housing Association


RHA Wales


Principality Building Society


Triodos Bank UK Limited


Cardiff Community Housing Association


United Welsh Housing Association


Caredig


Metropolitan Thames Valley


Handelsbanken


Trident


Secure Trust Bank plc


Work highlights


  • Advised Tai Calon on its £105m refinancing with NatWest and undertaking title due diligence on 6,000 homes.
  • Acting for Bromford Group in connection with security being provided by Bromford Housing and Merlin Housing Society to support a new £75m HSBC loan facility.
  • Advising Hafod on the restructuring of its loan facilities, with 4 new loans, and putting in place security (in excess of £100m).

Clifford Chance LLP

At Clifford Chance LLP, the social housing finance group predominately acts for funders and investors, including high-profile banks, as well as security trustees. The group is also instructed by new debt funders and equity investors. The department is co-led by Angela Shepherd and Paul Deakins; Shepherd advises clients on the property and project side of social housing transactions, while Deakins is sought after for his expertise in capital markets.

Practice head(s):

Paul Deakins; Angela Shepherd


Other key lawyers:

Bruce Kahl


Key clients

Situs Asset Management Limited


European Investment Bank


M&G Trustee Company Limited


NatWest Markets


Deutsche Bank AG London


Morgan Stanley


Royal Bank of Canada


HSBC Bank plc


Work highlights


  • Advised the Joint Lead Managers on the issue by Places for People Treasury plc of £500m 6.250% Guaranteed Sustainability Notes due 2041.
  • Advised a consortium of investment banks on a very high-value senior revolving development credit facility to a group of registered providers.
  • Acting for the Agent and the Funders on ongoing facility amendments relating to the affordable housing at the former Athletes Village in Stratford.

Winckworth Sherwood LLP

The social housing finance team at Winckworth Sherwood LLP is led by Lucy Grimwood. The group advises new investors in the sector, as well as for-profit registered providers, on the entire range of debt funding, including bank loans, development finance, private placements, bonds, and bespoke funding arrangements. Sustainable finance is a core element of the group’s practice, and a key focus for Grimwood especially. Other notable members of the group include Ruby Giblin, who acts for funders and borrowers in securing high-value loans, notes, bonds, and hedging arrangements, and Rosanagh Herries, who is experienced in debt capital market issues and bank facilities.

Practice head(s):

Lucy Grimwood


Other key lawyers:

Ruby Giblin; Jill O’Reilly; Rosanagh Herries; Patricia Umunna


Testimonials

‘The people are very engaging and accessible. They always seem to have someone available to respond to whatever queries we may have and whenever.’

‘We have had many years of working relationship with Jill O’Reilly, which makes for better communication and she is easier to access. She is always happy to provide us with support when required.’

Key clients

Peabody


Clarion Housing Association Limited


M&G Trustee Company Limited


Longhurst Group


HALA


Major Housing Association


Metropolitan Housing Trust


Soho Housing Association


B3 Living


Tower Hamlets Community Housing


Spitalfields Housing Association


Hightown Housing Association


Greenhill Housing Association


MUFG


Bernicia


Lloyds Bank plc


Metro Bank


Notting Hill Genesis


M&G Investment Management Limited


VIVID Housing


A2 Dominion


London & Quadrant


BPHA


Sovereign Network Group


Hyde


Work highlights


  • Acted for Longhurst Group in its £100m retained further bonds issuance, which completed in March 2022, and three bond sales of the retained bonds, the last of which completed in April 2023.
  • Acted for VIVID in two unsecured shelf facilities with North American investors, Sun Life Capital Management, and Pacific Life.
  • Acted for Major Housing Association Limited, a for-profit Registered Provider, in negotiating and securing development finance with PP08 Finance Limited to fund the development of freehold property to provide a mixture of affordable rent and private rent units, with the remainder of the development being funded by a mix of grant and equity.

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP's real estate finance team assists managers and investors in the social housing arena on the structuring, establishment, marketing, and operation of investment funds. Michael Newell and Duncan Hubbard jointly lead the practice; Newell is skilled in the establishment and reorganisation of investment vehicles, while Hubbard has expertise in advising on large, high-profile real estate-related transactions.

Practice head(s):

Michael Newell; Duncan Hubbard


Other key lawyers:

Jack Andrew Kelly


Testimonials

‘Duncan Hubbard’s structured finance knowledge is excellent and he applied it to social housing in an innovative way.’

‘Good knowledge and efficient responses. A highly skilled team.’

‘Jack Andrew Kelly and Michael Newell are recommended’

Key clients

Civitas Social Housing PLC


Residential Secure Income PLC


Civitas Investment Management Limited


Gresham House Asset Management Limited


ReSI Capital Management Limited


Schroders Real Estate Investment Management Limited


Work highlights


  • Advised the independent board of Civitas Social Housing PLC on a recommended all-cash offer by Wellness Unity Limited (a subsidiary of Hong Kong-listed CK Asset Holdings Limited) which was implemented by way of a takeover offer.
  • Advised Civitas on their financing with a bank by way of a multi-tranche private note issuance and sale pursuant to a Note Purchase Agreement for the refinancing of various existing debt within the REIT group.
  • Advised the independent board of Residential Secure Income PLC on the replacement of its alternative investment fund manager from ReSI Capital Management Limited to Gresham House Asset Management Limited.

Gowling WLG

Chris Brierley leads the banking and finance team at Gowling WLG, which assists clients with their refinancing projects, ESG loans and financings, and treasury arrangements. Its client base includes banks, funds, and large providers of social housing. Corporate banking facilities and bond issues are a key area of expertise for both Navin Prabhakar and Angela Rawlins, both of whom are key members of the group.

Practice head(s):

Chris Brierley


Other key lawyers:

Navin Prabhakar; Angela Rawlins


Key clients

Sanctuary Group


Triple Point Social Housing REIT plc