Eversheds advises HSBC and Santander on the financing for a Central London property portfolio
Grainger GenInvest consists of eight high quality residential blocks in central London, consisting of 1630 units of which 470 are regulated tenancies and 301 are assured tenancies. The assets also currently generate a gross rent roll of approximately £12m. The current market value of the underlying assets is approximately £285m.
This significant acquisition will help deliver Grainger’s strategic objective to acquire portfolios of residential assets delivering good long-term returns. Furthermore, the sourcing of new debt specific to the transaction from banks who have not previously lent to the group provides Grainger with a further opportunity to diversify its sources and type of Company financing.
The Eversheds team was led by Partners David Boyd and Mitch Brown, assisted by senior associate Nikki Smith and solicitors Taslima Salam, Will Gould and Michelle Wallis.
David commented:
“It is a pleasure to have advised two of our key banking clients HSBC and Santander in connection with this significant financing, which we know is core to Grainger’s strategy. We look forward to further activity in this sector for our very busy real estate finance practice.”
Brian Roxburgh, Deputy Regional Head of Real Estate, HSBC Corporate Banking, commented:
“We are delighted, along with Santander, to have established this relationship with Grainger. As our legal advisers, Eversheds assisted us in delivering this transaction vey effectively within a challenging timescale.”
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