The latest from the Black Country 

Clarke Willmott Advises on Multi-Million Pound Housing Association Deal

vicky kells cardiff croppedClarke Willmott LLP has advised on a multi-million pound deal resulting in the creation of one of the largest housing associations in the UK.

The refinancing of £440 million of its syndicated loan portfolio was necessary as part of AmicusHorizon’s merger with Viridian Housing, which saw the creation of a new business known as Optivo which owns 44,000 homes across London, the South East and the West Midlands. With 90,000 tenants across the UK, Optivo has an annual turnover of £306m.

Vicky Kells, partner and social housing expert at the firm formed part of the team that advised on the deal, including the charging of just over 12,000 residential properties, which is the largest single transaction the Clarke Willmott housing finance team has handled with to date.

Her extensive experience of working with registered providers/registered social landlords, and Welsh RSLs was crucial to making sure the deal went smoothly.

The new organisation is now planning a £3.5 billion investment programme which includes the building of 1,500 homes per year by 2021.

It has also set itself a target that 16 per cent of its new-build stock will be for open market sale, 44 per cent affordable rented and 40 per cent shared ownership.

Vicky said: “News of the merger first broke back in Oct 2015 so it’s great to get the deal concluded.

“The restructuring of the new business, especially from a financial perspective, will help Optivo channel the savings made into building much needed housing stock and giving people places to live.

“Being able to build more properties will also help ease the growing pressure for more new housing so it’s good news all round.”

Tom Paul, Director of Treasury & Risk at Optivo, said: “I have been really impressed with the pace at which Vicky and her team work. Deals of this scale can get bogged down with property security work - but with Vicky on the case we were confident all would be done in good time.”

Clarke Willmott LLP is a national law firm with seven offices across the country, including Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton.

Clarke Willmott has enhanced its market-leading Social Housing team with the appointment of 11 new team members, and counting. The firm has grown and re-shaped the national team into specialist units, adding skills that will help clients in the social housing sector meet the exciting challenges they face.

Last modified on Thursday, 24 August 2017 11:58

News Categories

We use cookies to improve our website and your experience when using it. Cookies used for the essential operation of the site have already been set. To find out more about the cookies we use and how to delete them, see our Privacy Policy.

I accept cookies from this site

EU Cookie Directive Plugin Information