Heritable Capital and OneSavings Bank joint venture

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IWG advised Heritable Capital Limited (“HCL”) and its directors in relation to a joint venture with OneSavings Bank plc (“OSB”) to create and operate a structured property finance business.

The new business, which will operate as ‘Heritable Development Finance Limited’, will arrange development loan facilities, to be provided by HCL and OSB, for residential developments around London, the South East and other parts of England and Wales.

As part of the joint venture arrangements, OSB acquired the lending platform (including a suite of systems, policies and procedures) and experienced staff from a separate business, known as Heritable Partners Limited (“HPL”), also operated by HCL’s directors.

The directors of HCL (Nick Barrett, Andrew Heaton and Tom Barratt) are the former management team of the structured property finance unit of Heritable Bank Plc, who were retained to assist the recovery of the bank’s loan book when it went into administration in 2008.  In 2011, the management team formed HPL to acquire the residue of the bank’s structured property finance loan book.

IWG has acted for the administrators of Heritable Bank for a number of years, and more recently represented HPL in its acquisition of the structured property finance loan book from the bank (the administrators being represented by Freshfields Bruckhaus Deringer at the time).

The IWG team was led by corporate partner Colin Winter with assistance from Tanveer Tarafdar.  David Grabiner from IWG’s corporate department also assisted on the deal.

OSB was represented by Squire Sanders.

Further information on Colin Winter, Tanveer Tarafdar and David Grabiner and the IWG team can be found on the Meet the Team page.