Macfarlanes advises Legal & General on £24m loan for CityGrove and £25m loan on York student accommodation
- a £24.5m seven-year bilateral loan to Citygrove to refinance three office buildings in Cirencester and Newbury (each let to wealth manager St James' Place) and a David Lloyd leisure centre in Luton; and
- a £25m 18-year bilateral loan to refinance Goodricke College, a student accommodation building owned jointly by the University of York and Evans Property Group.
Colin Morgan, banking and finance partner, said: “These two deals, on which we advised concurrently, evidence L&G's appetite to invest in short, medium and long term debt across alternative asset classes. We are delighted to have been able to support and advise L&G in the completion of both of these very different financings”.
Ashley Goldblatt, Head of Real Estate Finance at L&G, said: “We were very pleased with the support we got from Macfarlanes. Such support is increasingly important to us as we extend the variety of terms and asset classes across which we make our loans”.
The Macfarlanes team was led by partners Colin Morgan (banking and finance) and Clare Breeze (real estate). Solicitors Kirsty Childs (real estate), Isabella Dierden-Hunt (real estate) and Sarah Jelly (banking and finance) assisted.
“We were very pleased with the support we got from Macfarlanes. Such support is increasingly important to us as we extend the variety of terms and asset classes across which we make our loans”.