Sovereign Network Group will be one of the largest housing associations in the country with over 82,000 homes serving over 210,000 residents across London and the south of England. It plans to invest around £8.5billion in existing and new homes over the next 10 years, with an annual development programme and an ambitious retrofit strategy.
Trowers advised Sovereign Network Group on all the financing aspects of their merger including acquiring all the necessary funder consents and negotiating the harmonisation of loan covenants across the entire combined Sovereign Network Group loan portfolio.
The Trowers team was led by banking partner Naomi Roper, who was closely assisted by Rishi Sarin (Senior Associate) and Molly Ormesher (paralegal).
Devonshires acted on the governance aspects of the merger with financial advisers Centrus providing treasury advice.
Naomi Roper commented:
“It was an absolute pleasure to work with the Sovereign Network Group team and Centrus on this exciting and challenging project. It was a huge endeavour but we were delighted to play our part in bringing the Sovereign Network Group together.”
Anup Dholakia, Director of Corporate Finance at Sovereign Network Homes added:
“The Trowers team were fantastic in supporting Sovereign Network Group from wire to wire - demonstrating an extremely high level of technical expertise and commercial acumen to both keep the process moving along, and bring documentation to a successful and timely conclusion. We are very grateful for their hard work and diligence, and now look forward to the next chapter.”
