Travers Smith has advised leading social and affordable housing investor HSPG on its strategic partnership with leading global investment firm Sixth Street, and on the partnership's investment in Park Properties Housing Association (PPHA), one of the UK's largest For-Profit Registered Providers of affordable housing.
Sixth Street will provide the majority of the equity capital, with HSPG continuing to lead the strategic direction, asset management, and growth of PPHA's platform alongside the Company's existing management team.
PPHA intends to invest more than £1 billion to deliver high-quality, new-build homes and sustainable communities, establishing a new benchmark for affordable living. The homes will encompass all affordable tenures, including Affordable Rent, Social Rent, Shared Ownership, and Grant-Led Additionality, in areas of greatest need.
The cross-practice Travers Smith team on this transaction was led by our Co-Head of Corporate Real Estate and Corporate Partner Jon Reddington, supported by Senior Associate Fabian McNeilly, Associates Gloria Cuccu and Milo Knights, and Trainee Kiril Vorontsov. Specialist advice was provided by our Real Estate Partner Gareth Wynne, Senior Counsel Catherine O'Driscoll and Senior Associate Emma Sykes; Tax Partner Madeline Gowlett and Senior Associate Callum Burgess; Technology & Commercial Transactions Senior Counsel Rosie Westley; and Employment Partner Ailie Murray and Associate Matt Austin.
