Cookies on our website

We use cookies on our website. To learn more about cookies, how we use them on our site and how to change your cookie settings please view our cookie policy. By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookie policy.

Read more Close
Skip Ribbon Commands
Skip to main content
Sign In


Debt costs for Annington Homes sliced after GBP4bn refinancing of securitisations


Allen & Overy has advised the arrangers on the GBP4 billion refinancing of securitisations issued by Annington Homes.  Annington’s primary business is the rental of residential property to the Ministry of Defence and is one of the largest private owners of residential property in the UK. Annington Homes is owned by Terra Firma, one of Europe’s leading alternative investment platforms. 

The new structure repays securitisation noteholders with funds raised from a combination of equity, approximately GBP2.5 billion and EUR600 million of bonds issued under a new Euro Medium Term Note (EMTN) programme and a GBP700 million loan facility. The move from a whole-business securitisation to unsecured bonds affords the business greater flexibility, as restrictions derived from the use of the property as collateral are removed. 

Investors will welcome the opportunity to put their money to work in a company that works principally with a UK Government-backed client, at a time where volatility from the uncertainty of Brexit negotiations will be at the forefront of investors’ concerns. 

“This structure created for Annington Homes provides a greater diversity of funding and a wider investor base, improved flexibility and a variation of tenure.” commented London-based lead partner Sally Onions, “This unique deal is a prime example of how Allen & Overy can provide a one-stop-shop; providing solutions to clients using a combination of capital market and bank debt.”  

Partner Sally Onions led on the securitisation and liability management aspects of the deal, partner Tom Grant advised on the bond issuance, and partner David Campbell on the bank financing. They were supported by counsel Daniel Hill, senior associate Louise Hennessy, and associates Sophia Bathgate and Michael Cassone. All are based in London. 

For further information, please contact James Taylor,, on +44 (0)20 3088 1221.




News search

Related people

  • Add comment (optional)