Bond Dickinson, Trowers & Hamlins advise on £40m GLA home ownership product

Bond Dickinson has advised Gentoo Genie Limited on the entry into a £40m funding agreement with the Greater London Authority.

The funding will be made available in connection with the launch of the Genie Home Purchase Plan product in London, with Gentoo seeking to deliver 2000 new homes in the capital.

Trowers and Hamlins LLP acted on behalf of GLA.

Genie is a 30 year homeownership plan which does not require a mortgage or deposit and is targeted at helping first-time buyers and long-term renters into home ownership.

Following a pilot in the North East, Genie is looking to work with London developers to acquire new build properties, development land and joint venture opportunities.

Banking and financial services partner Philip Withey led the Bond Dickinson team which also included corporate partner Tom Fitzpatrick and Senior Counsel Ian Dunn.

Withey said: "The team from Gentoo Genie Limited has put a lot of hard work into the London launch and it has been a privilege for us to have been able to support them on the legal aspects of the funding arrangements for this innovative product. We are really looking forward to seeing the first properties being made available to customers."