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24 November 2016

Macfarlanes advises Venn Partners on its first issuance under its £3.5bn bond programme for the private rented sector Housing Guarantee Scheme

Macfarlanes has advised Venn Partners LLP, PRS Operations Limited and PRS Finance plc in their capacities as manager, licensee and issuer respectively in the issuance of £265m 1.75% bonds pursuant to the bond programme established in July 2015. The bonds have been admitted to trading on the London Stock Exchange.

The proceeds of the bonds will be applied towards the delivery of purpose-built and professionally managed private rented developments in the United Kingdom, in accordance with the Private Rented Housing Guarantee Scheme, which asset manager Venn was appointed to establish and manage by the Secretary of State for the Department for Communities and Local Government in December 2014.

Finance partner Richard Fletcher led the team which also included tax senior counsel Hilary Barclay and finance solicitor Pooja Jain.

Richard Fletcher comments: “We are pleased that the inaugural issuance completed successfully. We are very proud to have been involved from the very beginning at Venn’s appointment and look forward to continuing our support as the project moves ahead.”

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