The Cardiff office of national law firm Clarke Willmott LLP has acted for housing association Melin Homes to secure a £150m funding package.
The financing from Macquarie Asset Management will support the delivery of 1,000 more affordable homes in South East Wales by 2025 and represents the first social housing investment made by the Macquarie Group in Wales. The additional homes will add to Melin’s portfolio of 4,600 properties across five local authority areas which provide housing to more than 9,000 people.
The deal comprises a £50m committed facility with a 38-year term and an additional £100m uncommitted facility for use at a later date on similar terms.
Clarke Willmott’s social housing team handled the property aspects of the deal, which follows on shortly from the £35m package secured by the firm for Valleys to Coast Housing.
Vicky Kells (pictured above), Joint Lead of the social housing sector at Clarke Willmott and Head of the Cardiff office, said: “We are delighted to have helped our long-standing client Melin Homes with this impressive package which will mean more affordable housing in South East Wales.
“This deal coming hot on the heels of our Valleys to Coast work highlights what our sector-focused teams can achieve and we’re pleased to have worked on two such ground-breaking deals in the region.”
Peter Crockett, Deputy Chief Executive of Melin Homes, commented: “We are delighted to have secured a long-term funding package that will help deliver our growth aspirations. The certainty of future costs that this brings gives added comfort and assurance to our board to aid future planning. It was great to have the continued support of the Clarke Willmott team who once again demonstrated their expertise in the housing and property sector and smoothly navigated us through the process.”
