Trowers & Hamlins has advised Tirion Group on the fourth phase of its refinancing of The Mill and Royal Victoria Court, a major £100 million urban regeneration projects in Cardiff and Newport.
The funding was put in place between Tirion Investments (a subsidiary of Tirion) and M&G Investments, and is the fourth phase in a long-term refinancing for The Mill and Royal Victoria Court. The aim of both projects is to deliver much needed affordable homes to Cardiff and Newport using former industrial brownfield sites, unoccupied for 20 years. In the case of The Mill, the development has transformed a derelict land, where a paper mill once stood, into a sustainable, residential neighbourhood.
The Mill in Cardiff and Royal Victoria Court in Newport are being delivered by Tirion, a community development organisation in partnership with the Welsh Ministers and Principality Building Society in order to provide more affordable homes to people in Wales by delivering high-quality residential neighbourhoods in towns and cities and, in doing so, building strong communities where residents can thrive.
We 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.
The Trowers team included Lara Marsden, Eddie O'Hanrahan, Eleanor James, Ashley Slatford and Janki Sheth.
Eleanor James, a partner in the Trowers' Banking and Finance team, commented:
"We are delighted to have played a role in securing such an excellent result for Tirion Group on its fourth phase of funding from M&G. The finance provided will enable the further development of affordable homes at The Mill and the Royal Victoria Court site in Newport and will help build stronger, more sustainable communities in Wales. Trowers has been working closely with Tirion from inception over 10 years ago with banking, tax, structuring, governance, real estate and other legal advice. It has been a real pleasure working with Tirion over the years and we look forward to advising them on future projects."
Chad Patel, Finance Director at Tirion added: "It is fantastic to secure another tranche of long-term institutional funds, through the collaboration between us and the team at Trowers & Hamlins to ensure that we can continue to invest in our existing development projects and those communities as a whole. The new funds see the total investment raised to £60m, further demonstrating the success of Tirion model in developing much needed high quality, affordable housing without using Social Housing Grant."
Alongside its ongoing projects in Cardiff and Newport, Tirion are currently exploring the potential to unlock other stalled regeneration projects across Wales, with a further site based in Rhondda Cynon Taf set to begin construction in 2024.
For more information about The Mill and Royal Victoria Court, visit www.tirionhomes.co.uk
