Trowers supports Westminster Council's housing initiative

The Council set up this partnership to facilitate the acquisition, with funding provided by the Westminster Pension Fund. The LLP will pay a capital receipt to the Council and lease the portfolio back for housing use. Under the terms of a secured loan, rent will be made payable to the LLP as established in a Credit Tenant Lease. This arrangement ensures that the Council can manage payments for the properties over a 40-year period, thus enabling long-term financial planning.

This transaction marks the second such agreement between the Council and Trowers. Previously, in April 2025, they financed the purchase of a portfolio consisting of 368 properties from A2Dominion. Trowers played an essential role in structuring the financing arrangements with the Westminster Pension Fund, providing governance support and aiding in property acquisition. Imogen Fisher, Banking and Finance Partner at Trowers, expressed satisfaction with the collaboration, stating it was “really positive to have supported Westminster City Council on this second transaction to help secure additional properties for temporary accommodation that can be paid for using long-term funding at competitive rates.”

Gerald Almeroth, Executive Director of Finance and Resources at Westminster City Council, highlighted the ongoing need for homelessness support in London, remarking that this transaction secures a "stable supply of good quality homes within the City for residents who need them most." He also noted that this represents the first time a Council has utilised its Pension Fund for such leasing arrangements, blending investment with social responsibility. He praised Trowers for their invaluable expertise in establishing the Credit Tenant Lease structure, which protects housing stock while delivering long-term benefits.

The success of this project is attributed to the collaboration of multiple teams at Trowers, including specialists in Banking and Finance, Real Estate, and Governance. Key contributors included Imogen Fisher, Hannah Jackson, Andy Barnard, Emma Kirby, Rob Wooliams, Bodhi Kothari, and Waleed Ahmad, who all worked diligently to ensure its success and support the Council's housing objectives