An important acquisition for one of the UK’s largest long-term savings and retirement businesses

Eversheds Sutherland advises Phoenix Group on its c£300m acquisition of a portfolio of equity release mortgages

Eversheds Sutherland has advised Phoenix Group, the largest long-term savings and retirement business in the UK, on its acquisition of a portfolio of equity release mortgages.

An experienced team from Eversheds Sutherland’s loan portfolio transaction and funding group advised the client on the acquisition of a book of equity release mortgages, with a deal value circa. £300m. The acquisition completed and exchanged on 27 August 2021.

Eversheds Sutherland’s team advised the client throughout the lifecycle of the transaction. The team conducted thorough due diligence, regulatory and Scots Law analysis of the target portfolio, before assisting on the competitive auction process, and advising the client on its successful bid for the existing portfolio. The team also settled a funding arrangement for future, further advances and loan servicing with the existing legal title holder and servicer.

The team was led by Alex Mehdevy, Partner; Sarah Duignan, Principal Associate; and Max Morrison, Associate; all within Eversheds Sutherland’s loan portfolio transaction and funding team within the Finance practice.

Alex Mehdevy, commented:

“This is a significant acquisition for our client Phoenix Group, bolstering its position and strength in the long-term savings and investments market. This matter was complex and provides further evidence of our team’s strength and depth when advising on equity release transactions. We were delighted to have had the opportunity work alongside the client team on this investment acquisition and look forward to working together with them in the future.”

Guy Burman, senior legal counsel at the Phoenix Group, also commented:

“We were pleased to be able to partner with Alex and team at Eversheds Sutherland who were able to bring their extensive experience in both transaction management and market awareness to help make this deal successful.”