Member Article

Clarke Willmott supports L&Q in £300m bond issue

London and Quadrant Housing Trust (L&Q), has successfully completed a £300 million 2.625 per cent Secured bond issue due 2026 that will be used for general corporate purposes and will assist in financing its development programme over the next decade.

L&Q appointed Clarke Willmott LLP as legal advisors and was represented by social housing legal specialists Vicky Kells, Fraser MacRae and Sarah Hind in this successful deal, which comes on the heels of L&Q’s £250 million bond issue in October 2015.

Vicky Kells, Partner at Clarke Willmott said: “We are delighted to have used our extensive sector expertise to support the successful placement of secured bonds by L&Q. We have invested in the housing finance team, including the recruitment of leading banking partner, Fraser MacRae, and this transaction demonstrates the team’s ability to handle large bond issues, as well as smaller lending transactions.”

Martin Watts, L&Q’s director of treasury, said: “Clarke Willmott worked seamlessly with our treasury and property teams ensuring excellent communication so that the transaction proceeded smoothly to closing. They were decisive when needed, offering commercial and pragmatic advice, and were able to identify “easy-wins” at short notice to ensure that the tight time-scale could be complied with. The team is well-resourced with extensive knowledge of the sector and was able to deliver on time and on budget.”

L&Q is one of the UK’s largest housing associations and the largest residential developer in London owning and managing over 72,000 homes in London and the South East. Having recently announced that it is in talks with Hyde and East Thames about a potential merger, L&Q is likely to become the biggest registered provider in the UK, with the combined group planning to build 100,000 homes over 10 years.

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

This was posted in Bdaily's Members' News section by Clarke Willmott .