Bond Dickinson has advised Gentoo Genie Limited on the entry into a new £40 million funding agreement with the Greater London Authority. The funding will be made available in connection with the launch of the Genie Home Purchase Plan product in London as Gentoo seeks to deliver 2000 new homes in the capital. Trowers and Hamlins LLP acted on behalf of GLA.
Genie is a 30 year homeownership plan which doesn’t require a mortgage or deposit and is targeted at helping first-time buyers and long-term renters into home ownership. Following a successful pilot in the North East, Genie is looking to work with London developers to acquire new build properties, development land and joint venture opportunities. Philip Withey, Banking and Financial Services partner, led the Bond Dickinson team which also included Tom Fitzpatrick, Corporate partner, and Ian Dunn, Senior Counsel.
Steve Hicks, Managing Director of Gentoo Genie Ltd, commented:
“We are extremely pleased with the support that Bond Dickinson has provided in helping us to take this transaction through from the initial negotiation of the term sheet to the execution of the final agreement.”
Philip Withey, Banking and Financial Services partner at Bond Dickinson, commented:
“The team from Gentoo Genie Limited has put a lot of hard work into the London launch and it has been a privilege for us to have been able to support them on the legal aspects of the funding arrangements for this innovative product. We are really looking forward to seeing the first properties being made available to customers.”