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Development of Adelaide Wharf Hackney

Client Name: First Base Limited

Client Details: Development Partners of the Homes and Communities Agency

We acted for First Base Limited, development partners of English Partnerships (now the Homes and Communities Agency) in a London-wide initiative for the provision of affordable housing, in the development of Adelaide Wharf Hackney, a £30m scheme of about 150 residential units. This involved advising on the shareholder documentation, the agreement and lease with English Partnerships, bank funding, off-take agreements with the registered social landlord and an international construction company, leases with end-users, an agreement for future management and the construction documentation. 

The transaction is a complex structure of inter-related documents. One novel aspect is the preferred tenure of affordable housing where the developer retains an equity stake in the occupying leases, not on a traditional shared equity basis, but with a greater share in value growth than its nominal holding that is retained throughout the life of the lease.

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