Clarke Willmott advises L&Q on £300m secured bond issue

Law firm Clarke Willmott has advised London and Quadrant Housing Trust (L&Q) on the completion of a £300m 2.625% secured bond issue.

The bond issue (due 2026) will be used by L&Q for general corporate purposes and will assist in financing the housing association’s development programme over the next decade.

L&Q is one of the UK’s largest housing associations and the largest residential developer in London, owning and managing over 72,000 homes in London and the South East.

It recently announced that it is in talks with Hyde and East Thames about a potential merger. If the deal goes ahead, the combined organisation would become the biggest registered provider in the UK, with plans to build 100,000 homes over 10 years.

Vicky Kells, Fraser MacRae and Sarah Hind of Clarke Willmott advised on L&Q on the latest deal, which follows the housing association’s £250m bond issue in October 2015.

Kells, a partner at Clarke Willmott, said: “We are delighted to have used our extensive sector expertise to support the successful placement of secured bonds by L&Q. We have invested in the housing finance team, including the recruitment of leading banking partner, Fraser MacRae, and this transaction demonstrates the team’s ability to handle large bond issues, as well as smaller lending transactions.”