The Legal 500 > United Kingdom - Solicitors > London > Social housing: finance

Addleshaw Goddard's outstanding reputation in the social housing sector across the UK has made it a destination firm for related finance for banks, large housing associations, pension funds and other investors. It features prominently acting for lenders and funders on a number of the sector's most significant mergers; a recent highlight saw Steve Mackie, managing associate Tom McHugh and others acting for all lenders on a circa £1.63bn refinance of loan facilities to Metropolitan Housing Trust, which was part of a wider merger with Thames Valley Charitable Housing Association. In addition to handling mainstream bank-led financing and refinancing work, the firm also excels in advising on complex bridge-to-bond facilities, bond issuances and private placements. Beth Collett is a name to note for public debt capital markets issuances. Managing associate Daniel Foong joined from The Bank of New York Mellon in 2018. Nick Barlow and Geoffrey McGinley are also recommended. Lee Shankland heads the team, which also includes recently promoted partner Jennie Chilton and managing associate Helen Hunter.

Devonshires Solicitors LLP's heavyweight team distinguishes itself in a broad cross-section of finance transactions in the social housing sector. It has a particularly notable profile acting for registered providers and registered social landlords throughout England and Wales, as well as their wider group members (including their joint venture vehicles). The practice covers all aspects of social housing finance, including wholesale and retail bond issues, private placements, and syndicated and bilateral loans. Sharon Kirkham leads the securitisation team, which advises over 100 registered providers on charging properties to facilities, bonds and private placements. Banking head Julian Barker has an outstanding track record acting for key clients such as A2Dominion Housing Group and Notting Hill Genesis, among others. The deep bench of partners includes other highly regarded names: Chris Drabble, Gary Grigor and Saghar Roya. Barker and Drabble co-led a team, which advised Great Places Housing Group on releasing and recharging 781 properties to its bond tap, and also advised the same client on the reallocation of 1,585 properties to RBS. Andrew Cowan has led on many of the largest mergers in the sector. Another key partner is Richard Sharpe, who has more than 15 years of social housing experience.

Trowers & Hamlins LLP, whose team is more than 35 strong, has acted for borrowers and lenders on social housing finance transactions for more than 30 years. Its national reach marks it out for some of the sector's most high-profile matters; following the merger of Peabody Trust and Family Mosaic Housing in 2017, in 2018, Eleanor James and Melanie Comer were the lead advisers to Peabody on a £1.5bn refinancing for the merged group as three social housing providers in the group were amalgamated. In the capital markets sphere, Neil Waller acted for Karbon Homes Ltd on its inaugural £250m bond issue. Anna Clark's wide-ranging experience includes term and syndicated loans, development finance and infrastructure finance. Naomi Roper specialises in private placements and debt capital markets transactions. Other key figures are Adrian Carter and Sarah Gooden.

Allen & Overy LLP's enviable market presence is evidenced by the fact that it has appeared in the overwhelming majority of listed bond issues connected with the UK social housing sector since 2008. Its broader practice also encompasses structured finance, real estate finance, securitisation and corporate trustee mandates. Consultant Geoff Fuller heads the team, which also includes Greg Brown and senior associate Amanda Lemesle Adams.

Anthony Collins Solicitors LLP, which primarily acts for borrowers, is one of the most active firms on the market for bond issues and private placements. It is also sought out for property charging matters, property development finance, and bilateral and syndicated lending transactions. The firm expanded its national presence by opening up an office in Manchester in 2018; this development has put it on a stronger footing to serve social housing clients. Recent work includes practice head Natalie Singh, Jon Coane, Will Allen and Ranjit Bassey acting for WM Housing Group on the £148m restructuring of its existing bank debt facilities. Another highlight involved advising GreenSquare on two private placements (of £110m and £75m) with two different US investors.

Although Pinsent Masons LLP's national social housing finance practice is primarily weighted towards acting for lenders (including all the main clearing banks and alternative funders), its excellent reputation sees the firm also generate work from government bodies, local authorities and registered social landlords. The firm has a longstanding relationship with Homes England, for which it has provided legal advice for more than 20 years. A key practitioner is Edward Sunderland, whose experience spans securitisation, debt capital markets, receivables and asset-backed finance. Sunderland was the lead adviser to Pension Insurance Corporation plc on a £100m secured private placement issued by Accord Housing Association Ltd. In another mandate, Sarah Whitty (who leads the national social housing finance practice) and Stephen Brown acted for HSBC Bank on the provision of a £200m loan facility to Genesis Housing Association and the charging of over 1,000 units. Anne Bowden and David Meecham are also highly rated.

Winckworth Sherwood LLP generates lender work from traditional funders and new entrants to the market, and it also has a strong pipeline of mandates from registered providers and institutional investor clients as well. In addition to advising on a wide range of bank financing transactions, bond offerings and private placements are also cornerstones of the practice; the firm has advised on more than £2bn of capital markets transactions since 2017.  Louise Leaver leads the team, which has a wealth of experience handling strategically significant, high-profile and market-shaping transactions; in 2018, Leaver, Ruby Giblin, senior associate Deborah Rowntree, associate Lucy Grimwood and others acted for Longhurst Group on its £250m bond issue. In addition, Leaver more recently led the advice to Network Homes Limited on its £175m private placement, which was funded by US and Canadian investors. Patricia Umunna and James Duncan are other highly active partners in the group.

Clarke Willmott LLP's strong reputation in social housing finance ensures that it attracts a varied portfolio of work from housing associations and institutional lender clients. Vicky Kells leads the specialist national team, which undertakes a broad cross-section of transactions, including those involving bilateral and syndicated lending, private placements, aggregated bonds, debt capital markets issues and development finance. In 2018, Kells and associate Charlotte Lord acted for new client Wales & West Housing on a charging exercise comprising 1,400 residential properties to support a £70m loan facility. Another mandate involved Kells advising Southern Housing Group on property security to be put in place concerning its £75m MUFG revolving credit facility. Fraser MacRae is another experienced partner in the group, which also includes Bethan Evans.

Clifford Chance LLP has a notable specialism in acting for funders and investors on complex and high-value social housing finance transactions, which include private placements and secured bond issues, as well as project finance and structured finance matters. Angela Shepherd has expertise in the property and project aspects of social housing finance deals, such as property charging exercises and the security aspects of bond and loan transactions. In 2018, Shepherd was part of a team led by Paul Deakins and Bruce Kahl, which acted for NatWest Markets and Lloyds Bank (as joint bookrunners) and Prudential Trustee Company Limited (as bond trustee) on a £250m secured sterling bond issue for the Longhurst Group. In another matter, Shepherd assisted Lloyds Bank with the charging of properties as security for a loan facility to Brighter Futures Housing Association Limited. Alistair McGillivray heads the team.

In 2018, Bevan Brittan LLP hired a team of social housing lawyers from Dentons, which included Wendy Wilks and senior associate Fiona McDonald. Their arrivals have added particular depth to the firm's offering in property charging matters, with Richard Stirk and Julie Cowan-Clark also having experience of this type of work. Elsewhere, the firm's recent mandates included the structuring and management of loans to local authority/housing association joint ventures, loan refinancings, derivatives transactions, public bond issues and development finance matters. In 2018, Stirk worked with Hugo Stephens and David Moore to assist Together Housing Group with negotiating the refinancing of a £210m loan facility with Dexia and increase of facilities from four other lenders. The firm also acted for Ledden Estates Limited on the provision of a £1.8m loan from the Homes and Community Agency to build new homes for sale. Jonathan Turner is another notable individual.

Gowling WLG's reputation in social housing finance has grown under the leadership of its practice head Chris Brierley, with the firm regularly involved in finance transactions requiring innovative solutions. In 2018, highlights included Brierley acting as the lead adviser to Norland Estates Limited (a special purpose vehicle subsidiary of Triplepoint Social Housing REIT plc) on its £68m senior debt financing and take out by private placement, and in a separate matter, assisting another subsidiary Triplepoint Propco 2 Limited with a senior debt financing with Lloyds Bank plc of a portfolio of social housing-supported living assets. Brierley's first-rate reputation is also highlighted by the fact that Sanctuary Housing Association is a longstanding client. Brierley works with principal associate Angela Rawlins and director Navin Prabhakar.