Trowers & Hamlins has advised Tirion Group on the fifth phase of its refinancing of The Mill and Royal Victoria Court, a major £100 million urban regeneration project in Cardiff and Newport.
The funding was put in place between Tirion Investments (a subsidiary of Tirion) and M&G Investments, and is the fifth 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 more than 20 years. The Mill development has transformed derelict land, where a paper mill once stood, into a sustainable, residential neighbourhood. The development at Royal Victoria Court has transformed a former steelworks into a much need residential development.
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. Morgan LaRoche acted on the property aspects of the transaction.
The Trowers team included Eleanor James, Eddie O'Hanrahan and Lara Marsden.
Eleanor James, a Partner in Trowers' Banking and Finance team, commented:
"We are thrilled to have assisted Tirion Group with its fifth phase of funding from M&G. The phased funding is enabling 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 the next phase of funding and future projects."
For more information about The Mill and Royal Victoria Court, visit www.tirionhomes.co.uk
