Charles Russell Speechlys advises Silbury Finance on a £47m facility to a joint venture between Octopus Real Estate, Schroders Real Estate and Audley
Charles Russell Speechlys advised Silbury Finance on a £47m facility to a Jersey unit trust (backed by a joint venture between Octopus Real Estate, Schroders Real Estate and Audley) to finance the development of a 74 unit retirement living village in Cobham, Surrey. The complex will be operated by Audley and will include leisure facilities and support services available on site for the community.
The transaction involved complex property buyback arrangements and reversionary leasehold structures relating to the operation of the site. The nature of the asset and the projected income stream (e.g. deferred management fees) also required detailed analysis to ensure that our client’s position was protected.
The loan is the first underwritten by Silbury Finance (backed by Oaktree Capital Management) in the Retirement Living sector and is a landmark transaction for them as they target £400m of lending this year, which includes substantial backing of the Retirement Living sector. We were delighted to assist Silbury Finance with this transaction as they continue to grow their loan book and build on their strong reputation.
Charles Russell Speechlys has considerable experience is the Retirement Living area and was well-placed to advice Silbury Finance on all elements of the transaction (including banking and finance, real estate, construction and planning issues). The UK retirement living space has grown in prominence in recent years and newly established development lender Silbury Finance is a market leader in offering debt solutions in this area (aided by the reluctance of more traditional lenders and debt funds to underwrite mid-size development loans for experienced developers). Recent and growing investment in the retirement sector is designed to help address the undersupply of high-quality retirement housing in the UK, where demand is being driven by a growing ageing population.
Marcus Stuttard will provide his unique insight and a "state of the nation" market update.
UK Construction Law Update: What Happened in 2021? What can we expect in 2022?
The panel will cover a number of key construction law topics to ensure you stay in the loop
Fraudulent misrepresentation and the awareness condition: will the Court of Appeal bring certainty?
Is the claimant proving that they relied on false representations?
To flex or not to flex: comparing traditional offices with flexible office space
Restrictive Covenants Declaration that a restrictive covenant is no longer enforceable
Emma Preece explores restrictive covenants.
Charles Russell Speechlys advises Topland Group on two key transactions
Topland Group is one of the largest multi-billion pound, privately owned investment groups.
A Little Help from My Friends? New Measures on Assistance in the Collection of UK Taxes in Guernsey and the Isle of Man
An important development for individual taxpayers, trust companies and other professional services providers.
Property Patter: What can the property world expect from Parliament and the courts in 2022
What’s ahead in the world of property law during 2022
Environmental Land Management: Whose carbon is it anyway?
Everything you need to know about Environmental Land Management Schemes.
Top 10 Tips for dealing with Easements
Everything you need to know about dealing with Easements.
The changing leasehold landscape: Government consultation on reforming the leasehold and commonhold systems in England and Wales
Lauren Fraser and Laura Bushaway explore the changes occurring in the leasehold landscape process.
Michael Gove’s Letter to Residential Property Developer Industry to Fund Unsafe Cladding Remediation
James Souter quoted by Estates Gazette on the Supreme Court’s ruling to overturn the Gala Unity decision
Leaseholders who acquire the right to manage a building are not exempt from paying for shared services if part of a larger estate.
Philanthropy Insights – A discussion with John Pepin and Rennie Hoare of Philanthropy Impact
Join us as we discuss the current landscape of philanthropy in the UK and current trends, priorities and concerns amongst philanthropists.
Laura Bushaway writes for the Estates Gazette Legal Q&A on property guardians and ASTs
Laura Bushaway considers property guardians and possession proceedings.
The green lease: back for good?
Emma Humphreys and Phil Webb look at the growing interest in green lease clauses.
Expert Shopping – Seeking to rely on a new expert
A practice known as expert shopping may see the court order the disclosure of the previous experts.
A not-so-festive period for hospitality: Government delivers funding to local authorities as hospitality industry suffers Christmas losses.
The pandemic’s 'depressing' impact – early signs of the courts’ approach to determining rent
On the employment horizon – 2022
We set out some of the key changes we anticipate over 2022 in employment law, and how to best prepare for them.