Nabarro’s projects team has advised the winning consortium, led by infrastructure fund Equitix, on the £83m bond-financed Brunswick (Manchester) social-housing PFI project, which achieved financial close on 20 December 2013.
The 25-year concession will establish 1,350 housing units, including 850 for social housing and 500 for private housing. Existing retail shops will be relocated and the project also involves the construction of an extra care facility.
Under the deal, Assured Guaranty will guarantee a £73.5m bond. The total project cost is £83m, which includes £9.5m in equity contributed by the three sponsors (Equitix, Galliford Try Investments and Symphony Housing).
The Nabarro team consisted of partner Robin Baillie, senior associates Stefanie Atchinson and Anna Le Jehan and trainee Juliana Martin. Support was also provided by banking partner Andrew McLean and senior associate Chinyelu Oranefo.