Thames Valley HA Closes Innovative £40m Key Worker Financing
London and South East based Thames Valley Housing Association (“TVHA”) has just completed a deal for £40m of long-term fixed-rate debt funding with Legal & General.
Secured by schemes in Hammersmith and Tooting, providing key worker accommodation for Imperial College NHS Trust and St Georges Healthcare NHS Trust respectively, the loan will be used to support TVHA’s ongoing development activity, enabling it to build over 500 new units of affordable housing. It is believed that this is the first time that institutional finance has been provided to the housing association sector where it has been specifically structured and secured against key worker accommodation.
The Centrus team led by Partner Mark Gomar worked closely with TVHA in preparing an Information Memorandum and approaching a number of institutional investors with appetite for long term property backed lending. Following evaluation of the funding offers received, Centrus worked closely with TVHA and Legal & General in structuring the transaction against the assets in question as well as ensuring that the specific corporate objectives of TVHA were delivered. This transaction underlines the growing reputation of Centrus in supporting its clients in the delivery of bespoke financial structures in the institutional market.