Bevan Brittan advises Saxon Weald on £70m security transaction

Saxon Weald, a housing association based in Horsham which owns and manages 6,750 homes across Sussex and Hampshire, has successfully completed a £70 million sustainability-linked private placement with LGIM Real Assets.

The housing finance team at Bevan Brittan, led by Wendy Wilks and Jessica Church, advised on the security aspects of the funding project, requiring a combination of full security due diligence and the provision of a fresh Certificate of Title and also supplementary top up due diligence in relation to a number of underlying certificates which were recertified. Bevan Brittan worked closely with M & G Security Trustee to release properties from a Bond facility and to re-allocate properties with Saxon Weald’s Security Trust.

Jessica Church, a housing finance specialist and partner at Bevan Brittan commented “We are thrilled to have supported Saxon Weald on the security aspects of this private placement, which will drive forward Saxon Weald’s sustainability strategy and will deliver energy efficient homes in the Horsham area with a target of EPC Band A for new builds. Saxon Weald had an impressive knowledge of the security lists and documentation and their highly methodical approach greatly assisted the efficiency of the process and allowed us to resolve security issues quickly with maximum results.  It was a real pleasure to work with such an organised and helpful team” .

 “It has been great working with the Bevan Brittan team. Thanks for all the effort everyone has put in – Bevan Brittan made it easy for us, and it is much appreciated” added Mark Pavlovic, Financial Planning and Treasury Manager.