International law firm Trowers & Hamlins advised Jigsaw Homes Group on its first bond issue of £360m secured sustainability bonds, of which £100m have been retained for future sale.
Jigsaw owns and manages over 35,000 homes across 29 local authority areas and will be utilising this investment to support its target of providing 4,000 new social housing properties over the next 5 years and to become a carbon net zero organisation by 2050. Jigsaw joins a growing number of associations accessing the capital markets in order to support their sustainability targets.
Trowers advised on establishing the issuer SPV company in addition to advising on the funding and property security aspects of the project. Partner Neil Waller, associate Rishi Sarin and solicitor Robyn Asbury advised on the funding aspects of the issue to align with the Jigsaw Group's internal treasury structure following the Group's restructure and refinancing in 2020, on which Trowers also advised.
Partner Melanie Comer, managing associate Nicola Almond and senior associate Lauren Mason-Smith advised on the property security aspects of the project, with significant property due diligence being carried out on approximately 3,400 properties that were placed in charge to support this issuance.
Neil Waller commented:
"Building upon our work for Jigsaw in setting up their group treasury structure, we are very pleased to have supported Jigsaw on their debut bond issue. This transaction lays the foundations for the Group's funding arrangements for many years to come."
Hilary Roberts, chief executive of Jigsaw Homes, said:
“The level of investor engagement and oversubscription we received reflects our standing as one of the sector’s leading housing groups. Investors were attracted to our robust and consistent financial and operational performance, our track record as an established developer with a strong management team and clear commitment to sustainability.
“Jigsaw is now firmly established in the public bond market, which will enable us to deliver more high-quality and energy-efficient homes.”
