Clarke Willmott secures over £250m for Silva Homes

Lawyers from our Cardiff office have advised housing association Silva Homes on the security for a £150 million bank refinancing and £100 million private placement.

Silva currently owns and manages a portfolio of over 7,000 homes in South-East England. The funding strategy developed by Silva and financial services group Centrus is part of ambitious plans by the association to develop 1,100 new homes over the next five years.

Clarke Willmott commercial property partner Vicky Kells and associate Charlotte Lord oversaw the transactions which provide a robust foundation for Silva to achieve its future ambitions.

Vicky Kells, who heads Clarke Willmott’s Cardiff office and is also co-lead of the firm’s social housing sector, said: “We are excited to have helped support Silva into its next stage of growth. The complex transactions included a refinancing package with three new facilities totalling £150 million which were completed simultaneously,  and a private placement of £100 million. This involved extensive due diligence of Silva’s property portfolio and a multi bank and investor process, which I am pleased to say was completed within Silva’s required timeframe.”

Clarke Willmott also acted for Silva Homes in relation to £28.5 million made available under the Government backed Affordable Homes Guarantee Scheme (AHGS).

Charlotte Lord, who specialises in property aspects of social housing finance, said: “We are delighted to have played a part in supporting Silva through the legal process supporting the delivery of more affordable new homes.”

John Andrew, executive director (finance and procurement) at Silva said: “Clarke Willmott provided us with great legal service. The team’s high level of expertise and slick project management was impressive and key to helping to speed the process along as much as possible. Vicky and her team provided us with a calm and clear-headed perspective and we felt in safe hands throughout the process. We look forward to further opportunities for Silva to work with Clarke Willmott in the future.”

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