Trowers advises Tirion Group on the second phase of refinancing for urban regeneration project in Cardiff


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International law firm Trowers & Hamlins has advised Tirion Group on the second phase of its refinancing of The Mill, a major £100 million residential led urban regeneration project in Cardiff, by M&G Investments.

The Mill is being delivered by Tirion Group, a “not-for-profit” housing company that is seeking to provide more affordable choices to people in Wales through the delivery of high-quality residential neighbourhoods in our towns and cities.

The funding was put in place between Tirion Investments (a subsidiary of Tirion Group) and M&G Investments and is the second phase in a long-term refinancing to deliver much needed affordable homes to West Cardiff on a former derelict site, which lay dormant for 20 years.  

Trowers & Hamlins advised Tirion on all finance aspects of the transaction and co-ordinated negotiations between the various parties, including Principality Building Society, the Welsh Government and M&G Investments. Trowers also acted on a number of the property aspects of the transaction.

The team was led by Eddie O'Hanrahan with support from Andy Barnard, David Hughes, Simon Valner, James McCormack, Lara Marsden and Sarah Monaghan.

David Ward, CEO at Tirion, said: 

“We are delighted to have completed Phase 2 of the refinancing with M&G who have worked closely with us over several years. As with Phase 1, all parties to the transaction worked together towards a common goal in the immensely challenging circumstances of the Covid-19 pandemic. Providing high quality affordable homes through residential led regeneration of major sites will play a critical part in the post Covid-19 economic recovery and Phase 2 of the M&G investment provides a huge vote of confidence in the affordable housing sector in Wales."

Eddie O'Hanrahan, who led the Trowers team on the transaction, commented: 

"We are thrilled to have supported Tirion on its second phase of funding from M&G. The finance provided will provide confidence and momentum for the rest of The Mill and will aid in the creation of high quality, affordable homes and jobs in the area. Trowers has been working closely with Tirion from inception over 9 years ago with banking, tax, structuring, governance, RE and other legal advice . We look forward to advising them on future phases of M&G funding."

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