Wragge & Co LLP Banking & Finance team has advised Sanctuary Housing Association on a £200 million secured bond issue.

Sanctuary priced and launched the bond issue through Sanctuary Capital PLC, a vehicle for capital markets issues. Barclays Capital arranged the issue, which will take effect from 23 March. The transaction will contribute towards the housing provider's long-term capital plans, including a development programme to deliver 1,000 new affordable homes over the next two years.

Partner Chris Brierley led a cross-firm team with assistance from capital markets director Edward Sunderland and banking associate Angela Boughton. Associate Robin Pearson led a 30-strong team of real estate lawyers. Corporate partner Peter Smith and tax partner Kevin Lowe also supported the transaction. They worked closely with Craig Moule, Sanctuary's group director - finance & resources, and Tony King, group director - capital investment. Partner Geoff Fuller at Allen & Overy LLP advised Barclays Capital.

Craig Moule said: "This is a strategically important transaction for Sanctuary - Wragge & Co's expertise has been invaluable. Its detailed understanding of the housing sector and solutions-driven pragmatic advice were critical factors in helping us deliver a complex transaction in a limited timeframe."

Chris Brierley said: "This was a high-profile and innovative transaction requiring full use of the firm's strength in depth. It was not simply a bond issue - it required detailed financing and security arrangements to be structured below the bond. We have a long-standing relationship with Sanctuary and employed our regulatory, registered social landlord sector knowledge, strong capital markets and debt finance experience and property due diligence capacity to launch the bond."

Sanctuary manages more than 70,000 homes in England and Scotland, including rented, sheltered, supported, student and key worker accommodation. It employs approximately 5,500 people and has headquarters in Worcester. Wragge & Co provides full-service legal advice to Sanctuary. Examples include a cross-border $100 million bonds issue and the acquisition of 336 affordable units from Bloor Homes.

Wragge & Co's 22-strong Banking & Finance team provides a partner-led service and top-quality legal advice. Bringing a commercial and pragmatic approach to deals, the team advises banks, corporates, private equity companies and public bodies on a full range of domestic and cross-border instructions. Latest transactions include advising new client Autocesta Zagreb-Macelj d.o.o. on a €381 million refinancing and a major UK plc on its £150 million securitisation funding programme.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Amie Ryalls on +44 (0)121 685 2708 or Rebecca Davies on +44 (0)121 685 3819

This press release may contain information of general interest about current legal issues, but does not give legal advice.