Metropolitan & Thames Valley Merger

Overview

Centrus advised and supported Metropolitan Thames Valley on the Treasury consents and lender negotiations relating to the Partnership of Metropolitan Housing Trust and Thames Valley Housing, further advancing our leading role in M&A in the Housing Sector.

Metropolitan Housing Trust and Thames Valley Housing have recently completed a Partnership under the brand of Metropolitan Thames Valley Housing (MTVH). The Partnership will be amongst the largest housing associations in the UK and will have the capacity to build 2,000 homes every year. The Partnership will own/manage over 57,000 homes across England, with an annual turnover in excess of £400 million. The strategic focus builds on the shared commitment of enabling people and communities to thrive through investment and service provision whilst meeting the rising demand for housing through the development of a range of rented and shared ownership and outright sales units.

Our Role

Centrus’ role as strategic treasury advisor saw our expertise and market insight leveraged to obtain the consent and support of existing lenders for the Partnership, alignment of covenants with a 45% net increase in debt capacity, whilst retaining over 60% of value in legacy lending arrangements. The new group is well placed to combine the financial strengths of the individual entities, developing new homes and services, based on enhanced financial resilience and debt capacity. Centrus’ role also included advice around debt capital markets (DCM), derivatives, credit ratings, accounting and treasury management.

“John Tattersall led the project team on behalf of Centrus in what were at times difficult and time consuming negotiations. He provided the focus, drive and impetus to keep the negotiations and project to schedule and coordinated the regular Board briefings. The completion of the Partnership in October 2018 is a testament to his hard work.”

Donald McKenzie, Director of Corporate Finance & Deputy Company Secretary – Metropolitan Thames Valley

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