A team from Gowling WLG advised Hyde Housing on its investment as a cornerstone investor into the new M&G UK Shared Ownership Fund which will be a for-profit registered social housing provider. The M&G UK Shared Ownership Fund will not only provide affordable housing whilst getting value for money for the charitable aspect of the project, but also implement sustainability measures, giving this true ESG credentials.
Gowling WLG's role included advising on the terms that would apply to Hyde's investment, ensuring that Hyde's position was protected and aligned with the related transactions (such as the transfer of the seed portfolio). We also advised on the terms of the services and property management agreement between M&G and Hyde.
The Hyde and M&G new arrangements will aim to build around 2,000 high quality, shared ownership homes and help people take their first steps in the housing market. It will also offer investors diverse, long-term, index-linked income.