Work highlights
Devonshires - Securitisation
Financial year: 2024 - 2025
As we reflect on the previous financial year, the Devonshires Securitisation team wish to thank all their clients for their continued support and valued relationships. Here is a flavour of what we’ve been up to:
Acted for Abri and Octavia on all finance and property security aspects of their merger.
Advised bpha on Refinancing work involving £530m loan facilities and related property securitisation involving circa 9,600 properties.
Advised Broadacres on a £75m participation in the government backed Affordable Homes Guarantee Scheme, administered by ARA Venn. This involved negotiating and advising on all property due diligence requirements in preparation for its deferred drawing.
Acted for Melin Homes and Newport City Homes on their merger to form Tai Hedyn. The transaction included providing various reliance, top-up letters and new certificates of title covering 3,000 properties charged to three lenders; the transaction also included £60m of new funding.
Advised London & Quadrant on the annual update to its EMTN programme, additional facilities with an existing bank lender and updating the sustainability metrics across L&Q’s portfolio of bank lenders.
Acted on their new £100m loan under the Affordable Homes Guarantee Scheme. The transaction was the first deal since the AHGS was expanded to apply to the improvement of existing homes as well as the construction of new affordable units.
Advised on the restructuring of £107m loan facilities together with a loan linked ISDA to facilitate hedging of the facilities.
Advised on the £200m private placement issued to UK and North American investors alongside the refinancing of over £600m of loan facilities across four lenders.
Acted on a number of transactions as part of their rolling programme of charging to the EMTN. This comprised of charging circa 3,200 units to secure just under £300m of funding.
Advising on a private placement with Barings Bank, with an associated note issuance of £75m, and a new £150m facility agreement with ABN Amro, which involved full property due diligence on over 3,500 properties.
Acted on their rolling charging programme involving circa 3,000 homes across circa 709 sites, the transfer of circa 7,000 homes from Sage Housing Limited to Sage Homes RP Limited and the sale of circa 3,000 shared ownership homes.
Acted on the establishment of its £1 billion EMTN Programme, which was published on 18th June and the property charging work connected with this.
Acted on the £254m funding package with three existing funders together with two new ones, providing various reliance and top-up letters covering 2,000 properties and new certificates of titles covering 2,400 properties across this funder group.
Acted on the property security work required for the de-allocation of circa 8000 properties involving top-up due diligence on the properties remaining allocated to Lloyds and the re-allocation of circa 1000 properties to Principality Building Society with new Certificates of Title for these properties as a condition subsequent.
Advised on the refinancing of an existing agreement with Lloyds and a new facility with Principality Building Society.
Acted on a number of transactions as part of their refinancing programme which included charging to the Affordable Homes Guarantee Scheme, HSBS, NatWest, Santander and Lloyds securing over £500M of funding.
Advised the Association on their recent refinance which involved completion of full property due diligence on over 2,500 properties to facilitate restructuring of its £61m existing loan facilities and the negotiation of £87.5m new loan facilities.
Undertaking all property due diligence on Your Housing’s new £100m private placement with Just Retirement Limited, split across two different note issuances.
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