Institutional investment in social housing during the last year

It has been a much quieter year in the capital markets for our clients, but we were proud to be the most featured legal advisor for housing association borrowers and issuers, as reported by Social Housing. 

Last week's exclusive insight report by Social Housing revealed that, of the sector's 52 funding deals completed between April 2022 and March 2023, Devonshires were involved in 25, including 18 as sole adviser to the housing association participant.

While the number of bond transactions dropped by 62% in comparison with 2021-2022, Devonshires advised on the largest value deal of the year, the £400 million bond issue by GreenSquareAccord. Private placements dropped by a less significant 21% with Devonshires acting on more than half of the 26 deals. 

As the markets begin to pick up again, we are looking forward to helping more housing associations to access private funding, whether through loans, private placements or bond issuances.

Devonshires has one of the largest specialist social housing banking and capital markets teams working in the sector. With Partners, Solicitors, Trainees and Paralegals situated in our London and Leeds offices, the team is consistently highly rated in the Legal 500 and Chambers & Partners Directories, with our Tier 1 status having been confirmed by Legal 500 only this week.