28 March 2024
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AG advises Coutts on £37m PBSA scheme in Kensington

Law firm Addleshaw Goddard (AG) has advised Coutts on a £37 million development and investment loan facility to SAV Group to finance the refurbishment and extension of More House in Kensington, West London.

The 38,000 sqft development will be used to create 115 contemporary student accommodation dwellings, along with shared living facilities. The 19th century property, which is situated at 51-55 Cromwell Road, was used to house students between 1952 and 2020. The property was vacant when purchased by SAV Group.

AG advised Coutts on all finance elements of the transaction, including property and construction due diligence. The AG team was led by Laura Uberoi, who was recently appointed Head of the firm's Private Wealth Finance Group, with support from Katie Ridehalgh (Partner, Real Estate Finance) Samuel Stubbs (Associate, Real Estate Finance), Laurie Anderson (Associate, Construction Engineering & Environmental) and Banthana Singh (Paralegal). They were also supported by Amy Garrod and Richard Daggett of legal and professional services firm Ogier on Jersey-specific elements of the transaction.

SAV Group were advised by Boodle Hatfield (banking and property advice led by Rahul Thakrar) and Decimus Fearon (construction led by Nicholas Lane).

To the Point 

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