Charles Russell Speechlys advises Silbury Finance on a £35m facility to a Jersey unit trust to finance the development of a retirement living village
Charles Russell Speechlys advises Silbury Finance (backed by Oaktree Capital Management) on a £35m 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 89 unit retirement living village in Tunbridge Wells, Kent. 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. Charles Russell Speechlys also led discussions on environmental sustainability targets, notably a financial incentive for the borrower if the development achieves an improved BREEAM rating, reflecting Silbury Finance’s desire to encourage and support its borrowers to meet their ESG goals.
This is the third retirement living deal that Charles Russell Speechlys has completed for Silbury Finance and is a key 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 were delighted to assist Silbury Finance again on this transaction, whose presence and reputation in the retirement living sector has grown significantly in the last year.”
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, planning and ESG issues).
Speaking of the deal, founding partner Gavin Eustace commented “It was a pleasure to work with Charles Russell Speechlys again. 2021 has been a successful year for Silbury Finance so far as we continue to invest in the growing retirement living sector. Charles Russell Speechlys’ expertise and support has been invaluable”.
The Charles Russell Speechlys team was led by Jon Bond, with Cara Whiffin and Isobel Young-Herries (Banking and Finance), Simon Ewing (Real Estate), Chris Carlisle (Real Estate), Andrew Keeley (Construction), Melanie Hardingham (Construction) and Lydia O’Hagan (Planning).
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
Why “Divorce Day” may come 3 months late in 2022
Fraudulent misrepresentation and the awareness condition: will the Court of Appeal bring certainty?
Is the claimant proving that they relied on false representations?
A guide to buying residential property in England
An overview of the conveyancing process when acquiring residential property as well as some key points to consider.
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.