TLT supports Landmark with record £70m debt raise

TLT has helped national ground rent investor Landmark Investments to raise a record £70m of new debt so far in 2020 as the company seeks to drive expansion and growth over the next 12 months.

The debt raised is from a mix of high street and institutional lenders, including over £25m from Santander UK. Landmark will use the debt to increase its portfolio of residential and commercial ground rents and take on larger and more complex investments.

The company’s growing portfolio has been boosted by the completion of a complex ground rent portfolio of more than 1,800 residential and commercial properties across 418 separate sites and three million square feet of industrial estates, mills, medical centres, retail parks and car parking across hundreds of acres of land in Bolton.

TLT advised Landmark on debt finance terms and structure, including the acquisition and refinancing of over 1,000 residential sites this year.

Commercial real estate partner Patrick Sheehan and banking partner Paul Crighton led the TLT team, with support from legal director Alison Blades.

Patrick Sheehan, partner at TLT said: “We are delighted to have supported Landmark with its record debt raise. Our long-standing relationship with Landmark gives us a great understanding of their business and aims, and allows us to work closely with them on complex transactions.

“The diligence and commitment from both sides allowed this deal to be completed smoothly, despite current market circumstances and very short timescales. Additionally, our use of TLTOne – our document, task and contract lifecycle management solution – allowed us to work efficiently and quickly for the benefit of all parties.”

Mark Hawthorn, CEO of Landmark Group, said: “To secure more than £55m since the start of lockdown demonstrates lenders’ belief in our business and is a huge testament to the performance of our team during this most challenging of times.

“We are grateful to Patrick and the team at TLT for their continued support and look forward to working with them again as we continue seek new opportunities for growth.”