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08 October 2021

Charles Russell Speechlys advises Silbury Finance on a £55m facility to a Jersey unit trust

Charles Russell Speechlys advises Silbury Finance (backed by Oaktree Capital Management) on a £55m facility to a Jersey unit trust (backed by a joint venture between a fund managed by Schroders Capital (advised by Octopus Real Estate) and Elysian Capital) to finance the development of a 103 unit retirement living village in Berkhamsted, Hertfordshire. The complex will include leisure facilities and has 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.

This is the second retirement living deal that Charles Russell Speechlys has completed for Silbury Finance and is a significant transaction for them as they target £350m of lending this year in the retirement living sector. Jon Bond (partner at Charles Russell Speechlys) commented, "we are excited to again be supporting Silbury Finance on this transaction as they continue to expand their presence in the Retirement Living sector."

Charles Russell Speechlys has considerable experience is this 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).

Speaking of the deal, founding partner Gavin Eustace commented: "It was great working with Charles Russell Speechlys who have a deep sector knowledge of the Retirement Living space and who provided pragmatic and commercial advice."

The Charles Russell Speechlys team was led by Jon Bond, with Cara Fulker (Banking and Finance), Simon Ewing (Real Estate), Chris Carlisle (Real Estate), Andrew Keeley (Construction) and Lydia O’Hagan (Planning).

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