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Trowers advises not-for-profit housing company on £100m regeneration project

Trowers & Hamlins has advised Tirion Homes, a “not-for-profit” housing company, on first phase refinancing of The Mill, a £100m, residential-led urban regeneration project in Cardiff, by M&G Investments.

The Mill will bring much needed affordable homes to West Cardiff on a former derelict site, which lay dormant for 20 years, the law firm said.

It is being delivered through a collaboration between Tirion Homes, Principality Building Society, the Welsh Government and M&G Investments.

Eddie O'Hanrahan, who led the Trowers team on the transaction, said: "The firm has been working alongside Tirion from inception over eight years ago with banking, tax, structuring, governance, RE and other legal advice. Completion of the M&G funding therefore represents the culmination of a sustained and impressive collective effort on the part of the firm.

“We're delighted to have been able to play a part supporting Tirion. Their commitment and vision is phenomenal and they deserve every possible success with the important regeneration work which they are doing."

David Ward, CEO at Tirion, said: “We are thrilled to have completed this initial refinancing with M&G who have worked closely with us over several years … It is a testament to this commitment that we have completed the transaction in these extremely challenging times with all parties working towards a common goal."

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