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Property group completes ‘ground-breaking’ transaction

Property group completes ‘ground-breaking’ transaction

DLA Piper has advised a subsidiary of Places for People Group Limited in what’s being described as a ground-breaking transaction.

Firm: DLA Piper (Places for People Treasury plc)

Deal: Places for People Treasury plc has been advised on its unlimited MTN Programme on the Australian Securities Exchange (ASX) and first issuance of notes thereunder.

Value: $150 million

Area: Finance

Key players: The legal team advising Places for People Treasury plc was led by international head of finance and projects Martin Bartlam, with assistance by legal director Steven Krivinskas and associate Jenny Sugden.

Additional support was provided by Australian finance and corporate lawyers, including corporate partner David Ryan, head of finance and projects Onno Bakker, and senior associates Kelly Morrison and Rosa Sayer.

Deal significance: According to a statement from DLA Piper, Places for People Treasury plc is a wholly-owned subsidiary of the group parent, Places for People Group Limited.

The group is described as a leading property management, development, regeneration and leisure group, which owns or manages more than 150,000 properties.

The goal of the group is to “provide a diverse range of products and services to create high quality, safe and sustainable communities”.

“National Australia Bank is the dealer and the lead manager under the programme and the notes issued thereunder are guaranteed by the group's regulated subsidiaries, Places for People Homes Limited, Places for People Living+ Limited, Cotman Housing Association Limited and Derwent Housing Association Limited,” the statement from DLA Piper said.

Mr Bartlam noted that the firm was delighted to advise Places for People Treasury on this transaction.

“We were very pleased to act on this ground-breaking transaction, which demonstrates the depth of DLA Piper's global finance practice and debt capital markets experience,” he said.

“The transaction involved our teams based in London, Hong Kong, Singapore and Australia, enabling us to provide a seamless service to our client irrespective of time differences or geographies.”

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