Macfarlanes has advised Legal & General on the matter.
Legal & General provided a £265m debt facility for its Build to Rent Fund (BTR Fund) with a lender club including Lloyds, NatWest and ING.
The facilities include a £150m term facility and a £115m revolving credit facility, which will predominantly be used to refinance £220m of existing development facilities, representing a significant milestone for the BTR Fund as it matures into an investment fund.
The £2bn fund has over 5,000 homes across 15 schemes in the UK, with the financing encompassing 8 of those assets in Salford, Manchester, Bath, Walthamstow, Bristol, Leeds, and Birmingham, as part of Legal & General’s continued commitment to the growing strength of the regions across the UK.
The Macfarlanes team was led by finance partner Jat Bains (Picture) with assistance from senior solicitor Chris Barrett and solicitor Yagmur Yarar. Real estate advice came from partner Anthony Burnett-Scott with assistance from senior solicitor Laurie Fletcher and solicitor Gwen Llewelyn Atkinson and construction advice was provided by partner Angus Dawson and solicitor Louisa McMurdo. Tax expertise was provided by tax and reward partner James McCredie and senior counsel Kirsten Prichard Jones. Investment management advice was provided by partner Alex Amos, senior solicitor Harriet Miller and solicitor Emma Garnham.
Involved fees earner: Alex Amos – Macfarlanes LLP; Jat Bains – Macfarlanes LLP; Chris Barrett – Macfarlanes LLP; Anthony Burnett-Scott – Macfarlanes LLP; Angus Dawson – Macfarlanes LLP; Laurie Fletcher – Macfarlanes LLP; Emma Garnham – Macfarlanes LLP; Gwen Llewelyn Atkinson – Macfarlanes LLP; James McCredie – Macfarlanes LLP; Louisa McMurdo – Macfarlanes LLP; Harriet Miller – Macfarlanes LLP; Kirsten Prichard Jones – Macfarlanes LLP; Yagmur Yarar – Macfarlanes LLP;
Law Firms: Macfarlanes LLP;
Clients: Legal & General ;