TLT has advised ethical peer-to-peer investment platform Abundance on the launch of a new investment for Octevo Housing Solutions. The investment will raise up to £6,850,000 for two green and sustainable developments in Liverpool, to be used for affordable and supported living social housing.
The parties say the investment will help tackle the shortage of social housing in the UK, as well as reducing fuel poverty and meeting the government’s target of net zero greenhouse gases by 2050.
Heating requirements for the homes will be entirely provided by ground source heat pumps. Solar panels will also generate a high proportion of the electricity demand on-site. Octevo estimates these combined measures will reduce each home’s energy demand by 80% to 93% compared with the UK’s average home.
TLT is a long-standing adviser to Abundance and this is the third time TLT has supported Abundance in connection with a fundraise by a subsidiary of Octevo Housing Solutions, advising on both the financing and real estate aspects of each fundraise.
The firm has extensive experience advising lenders including in the fast-growing peer-to-peer and ethical lending markets, as well as a deep heritage in advising social housing providers on a wide range of issues, from planning and development to energy efficiency.
The TLT team was led by banking & finance partner Gary Roscoe alongside associate Samuel Hill and real estate partner, Daniel Halstead.
Louise Wilson, joint managing director of Abundance, says: “This is a great example of how peer to peer financing can be used to make critical projects like Liverpool Community Homes possible. TLT has played a key role in launching these investments. They offer the expert advice we need to make the right decisions and move quickly, and we are delighted with the service they provide.”
Gary Roscoe, partner at UK law firm TLT, says: “Alternative lenders like Abundance provide a much needed resource, especially in the ethical investment space. There are numerous projects in real estate and clean energy in particular that are coming to fruition because of these platforms. We are delighted to be supporting Abundance and helping to secure this crucial funding for Octevo.”