Wragge & Co’s banking and finance team has assisted long-standing client Sanctuary Group in the securing of a £350m loan from the European Investment Bank (EIB). The deal is the first time that the EIB has agreed a direct loan to the social-housing sector.
The transaction allows Sanctuary Group, which owns a total of 96,000 houses, to push ahead on a range of development projects across England and Scotland. Projects will include the affordable homes programme, which will see 5,000 new homes built by 2015, an extensive retrofitting programme and the building of new community facilities.
Wragge & Co synchronised the EIB’s documentary and commercial requirements with Sanctuary’s other credit facilities and bonds, including the pooled security structure.
Partner Chris Brierley led on the deal, assisted by solicitors Navin Prabhakar and Sandra Juozaitiene from the banking and finance team and Scottish law partner Jonathan Heaney of Burness Paull in Scotland.