Silbury Finance (backed by Oaktree Capital Management) provided a £55m 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 103 unit retirement living village in Berkhamsted, Hertfordshire. 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.
This is the second retirement living deal that Charles Russell Speechlys has completed for Silbury Finance and is a significant transaction for them as they target £350m of lending this year in the retirement living sector.
The Charles Russell Speechlys team was led by Jon Bond (Picture), with Cara Fulker (Banking and Finance), Simon Ewing (Real Estate), Chris Carlisle (Real Estate), Andrew Keeley (Construction) and Lydia O’Hagan (Planning).
Involved fees earner: Jon Bond – Charles Russell Speechlys; Chris Carlisle – Charles Russell Speechlys; Simon Ewing – Charles Russell Speechlys; Cara Fulker – Charles Russell Speechlys; Andrew Keeley – Charles Russell Speechlys; Lydia O’Hagan – Charles Russell Speechlys;
Law Firms: Charles Russell Speechlys;
Clients: Silbury Finance;