18 Feb 2014 | 03:01 pm |
International law firm Pinsent Masons has advised European Investment Bank (EIB) on a £350 million debt facility for housing association Sanctuary Group. The agreement will help finance Sanctuary’s development programme involving the construction and renovation of over 20,000 homes across the UK.
Formed in 1969, Sanctuary Group manages more than 96,000 homes across England and Scotland, providing general rented, sheltered and home ownership accommodation.
The Pinsent Masons team advising EIB on the deal was led by banking partner Edward Sunderland, assisted by senior associate Esther Parkes, solicitor Seána Donaghy and property partner Stephen Brown.
Commenting on the deal Edward Sunderland said:
"We were delighted to assist the EIB on this landmark deal, the first direct lending that EIB has done within the social housing sector for over 12 years. This significant investment by EIB will greatly assist the UK economy, allowing Sanctuary to continue developing its national housing stock, and we were pleased that EIB were able to rely on our market leading social housing finance expertise to help deliver this."
Pierre-Emmanuel Noel, leading the deal for EIB, said: “We were very pleased to have the continuous expert support of Pinsent Masons to get this complex housing deal across the line within a short period of time”
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