Macfarlanes has advised debt fund manager, Venn Partners, on a £46.7m facility to Invesco Real Estate to refinance a portfolio of 580 purpose-built PRS developments located in Bracknell, Exeter, Bedford, Crawley and Stevenage.

The portfolio was recently acquired by a joint venture between Invesco Real Estate and Westrock.

Macfarlanes also advised on the funding of the facility by the issuance of £88.7m, 1.75 per cent bonds under the £3.5bn bond programme established by PRS Finance plc in July 2015 (which Venn Partners was appointed to establish and manage by the Secretary of State for the Department for Communities and Local Government in December 2014 as part of the Private Rented Housing Guarantee Scheme). The bonds have been admitted to trading on the London Stock Exchange.

The Macfarlanes team for the financing was led by finance partner Colin Morgan, with assistance from senior solicitor Ara Vadjaraganian. Real estate partner Clare Breeze led the property aspects with assistance from real estate solicitors Sindhuja Shri and Isabella Dierden-Hunt.

The Macfarlanes team for the bond issuance was led by finance partner Richard Fletcher, with assistance from finance solicitor Pooja Jain.