Osborne Clarke and Devonshires have advised M&G on the launch of its new Shared Ownership Fund. The fund has so far raised £215m of initial investment from Homes England, Hyde, two local authority pensions schemes and two M&G client funds.
The fund is one of the first of its kind investing in shared ownership housing, the first stage of which will see the Fund make a £61 million purchase of 422 shared ownership homes in London and Kent.
The Osborne Clarke legal team was led by partner Rajindh Mangat and also included Tim Hart, Camilla Tunnicliffe, Anna Fouracre (planning), Emma Wigmore, Lakhmi Halaith and Brogan Stewart, Ed Grey (employment) TK Spiff (data protection).
Partner Jonathan Corris led the Devonshires team with Elad Yasdi which also included Charlotte Sawyer, Hannah Langford, Aruna Sarwar, Alexandra Benion and Oliver Grech.
Rajindh Mangat, Partner, Osborne Clarke: "We have worked with the M&G UK Residential Property Fund for a number of years in delivering on its commitment to build to rent. This deal is an important diversification as an investment in shared ownership and in supporting the delivery of affordable housing. This will prove to be an important nucleus for the best of place-making and community living. We executed the mandate for this project in a collaborative relationship with both the client and Devonshires, creating a future framework for the development and delivery of homes in this key sector."
Jonathan Corris, Partner at Devonshires, said: “It is great to see further commitment to the strength of the affordable sector and the products as demonstrated by the creation of this venture. In particular, the provision of significant further investment and support for the ongoing delivery of affordable housing, in particular Shared Ownership.”