International law firm Addleshaw Goddard has advised Pension Insurance Corporation plc ("PIC"), a specialist insurer of defined benefit pension schemes, in the forward funding of a £90m, 278-home build to rent scheme in Ealing, West London.
The scheme will be located adjacent to the 'Hoover Building', a Grade II listed property, providing 35% affordable housing. It will include c.16,000 square feet of external amenity space and c.10,000 square feet of internal amenity space for residents, including co-working space, fitness-studio, pet spa, roof terraces, children’s play area and sports lounge. The property will be developed by Amro Partners. Construction is due to complete by the end of 2023.
AG advised PIC on the structuring of the transaction, including the investment of equity and junior debt through a specially established unit trust; the acquisition by the unit trust of the site; the development and funding arrangements; planning and neighbourly matters; and a long-term loan facility arrangement.
The AG team was led by Andrew McVeigh, with support from Sam Cary, Peter Hardy, Kathryn Green, Sam Comer, Steve Mackie, Ian Kynoch, Danielle Greenley, Laura Herd, Liam Diggins, Kylie Gue, Anika Padhiar and Gary Sector. Peter Sayer provided tax advice.
In September 2020, AG advised PIC on the forward funding of its first BTR scheme, a 520-home, £130m development near Manchester Victoria station.
Andrew McVeigh, Partner at Addleshaw Goddard, said:
"This was a fantastic scheme to be a part of, not only because it will provide essential, high quality rental accommodation in the capital, but because the Hoover Building is such an iconic piece of British architecture.
"As a firm, we are working more and more with large finance institutions on high-quality build to rent schemes. BTR assets remained extremely resilient even throughout the worst stages of the pandemic and will inevitably continue to expand rapidly over the coming years."