Macfarlanes advises Legal & General on securing £270m green debt facility for its Wandsworth BTR Scheme

28 April 2022

Macfarlanes has advised long-standing client Legal & General on the provision of a £270m debt facility for its Wandsworth BTR Scheme with a lender club including HSBC, NatWest and Standard Chartered.

The £270m sterling term loan facility will predominantly be used to fund the development of the £500m Wandsworth BTR Scheme and is aligned to the Loan Market Association’s Green Loan Principles, one of the largest sustainable finance facilities in the housing sector to date.

The former B&Q and Homebase sites are one of Legal & General’s five BTR schemes in London and mark Legal & General’s largest residential development to date. The scheme will deliver more than 1,000 homes, 35% of which will be affordable.

The Macfarlanes team was led by finance partner Jat Bains with assistance from senior solicitor Chris Barrett and solicitor Yagmur Yarar. Construction advice was provided by partner Angus Dawson and solicitor Louisa McMurdo and tax expertise was provided by senior counsel Kirsten Prichard Jones. Investment management advice was provided by partner Alex Amos, senior solicitor Harriet Miller and solicitor Emma Garnham.