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Winkworth Sherwood advises on £70m private placement for London housing association

Law firm Winkworth Sherwood has advised Prudential Trustee Company Limited on a £70m Private Placement due in 2043 and 2051 by social housing provider Local Space.

The Private Placement was purchased by US institutional investor MetLife Investment Management and will be drawn down in tranches to refinance loans that are maturing over the next five years allowing Local Space to maintain its capacity and support continued growth.

Local Space is a housing association set up in 2006 in partnership with the London Borough of Newham.

The initial £40m drawdown was delivered on 26th May 2021, with funds used to enhance the quality and sustainability credentials of the association's 800-home portfolio across East London, let primarily to keyworkers and the homeless.

Prudential Trustee Company Limited acts as Security Trustee and Noteholder Representative for the purchasers of the notes, MetLife Investment Management.

The Winckworth Sherwood Charging Team, led by Partner Ruby Giblin, advised on property due diligence aspects of the mainly long leasehold street properties to secure the issuance, working closely with the valuers to accurately value these bespoke assets. 

Ruby Giblin, Housing Finance Partner at Winckworth Sherwood, said: "Local Space is a joint venture between the London Borough of Newham and several housing professionals, where it's unique portfolio of 800 homes are targeted at the homeless and keyworkers. This investment will enable Local Space to improve its housing stock and continue to grow.

"We are delighted to act for Prudential Trustee Company Limited as Security Trustee and Noteholder Representative on the first drawdown of funding and will continue to advise on future tranches."

Morgan Lewis acted for MetLife Investment Management with Devonshires and Browne Jacobson representing Local Space.