Combining cross-practice capabilities and deep sector know-how to deliver strategic results

Eversheds Sutherland has advised one of the UK’s leading financial services groups, Legal & General, on a multimillion-pound investment by Greater Manchester Pension Fund (GMPF) and ACCESS – a collaboration of Central, Eastern and Southern Shires, into its recently launched Affordable Housing Fund, bringing total commitments to the strategy to date to £280m.

 

The bulk of this new capital comes from Local Government Pension Schemes (LGPS), GMPF – the largest LGPS fund and the eleventh biggest defined benefit pension fund in the UK – who has committed £120m alongside internal client capital and ACCESS, composed of 11 LGPS Administering Authorities with assets totalling c.£40bn.

 

Eversheds Sutherland advised on all aspects of the transaction including fund and tax structuring, corporate transfers and real estate.

The team was led by financial services Partner Richard Batchelor and comprised: Partners Charlotte Stodell, (Tax), Theresa-Marie Stodell (Corporate), Angus Ford and Nicholas Bartlett (Real Estate), Legal Directors Camilla Spielman (Tax) and Cyrille West (Real Estate), Principal Associates Michael Harris (Corporate) and Anisha Polson (Tax), and Senior Associates Grace Li (Financial Services) and Pollyanna Lickley (Real Estate).

As 1.3m households sit on local authority waiting lists in England, L&G’s strategy will invest in well-designed, purpose-built social rent, affordable rent and shared ownership housing in areas of acute need and demand across England and seek to work alongside councils and other providers in response to recent policy announcements and those due in October.

The Fund will aim to positively impact hundreds of people's lives, focussing on “Equity and affordability” as its core social priority and has a strong pipeline of new homes via Legal & General Affordable Homes. It will operate a direct leasing model for greater control, high quality customer service and to reduce counter-party risk and will be managed by Legal & General’s asset management division.

Richard Batchelor, Partner, Eversheds Sutherland, said:

“We’ve thoroughly enjoyed advising Legal & General on the launch of its Affordable Housing Fund. It’s an exciting project to have been part of and we look forward to continuing to provide support on future opportunities.”

Rosie Sears, General Counsel, Asset Management, Legal & General, said:

“Eversheds Sutherland proved invaluable to the successful completion of this transaction. The quality of the team’s cross-practice legal capabilities and sector knowledge was particularly notable, which they combined with a tenacious, commercial approach. We’re thrilled and look forward to continuing our work with Richard and the team on future opportunities.”