The Greenham Trust (“Greenham”) provides a unique combination of property expertise with a charitable focus.
Greenham is a registered charity founded in 1997 to acquire the airport buildings on the Greenham Airbase with the income used to support the local community. Since then, it has developed the core buildings into a business park and acquired additional off-park assets, creating an asset base now worth in excess of £100m and providing grants and matched funding of over £81m to the local community.
The team at Allia C&C was first appointed in 2017 to advise Greenham on raising £25m to fund the continuing development of the property portfolio. This led to a long-term fixed rate private placement, priced on very attractive terms which has been used to substantially expand the value of the portfolio. Greenham then approached Allia C&C to support it on its second major borrowing, a £25m bank facility that provides it with the flexibility to continue expanding the platform.
Allia C&C worked with Greenham to update their business plan model and analyse the impact of different funding alternatives. Given the high level of interest rates at present, Greenham took the decision to raise a shorter dated Revolving Credit Facility (RCF), which it could refinance when or if rates subsequently fell to more attractive levels.
Allia C&C conducted a competitive tender process and received a number of offers from major high-street banks. The loan was completed on very attractive terms and is secured against a proportion of its property portfolio, sitting alongside Greenham’s existing private placement.
Commenting on this result, Chris Boulton, CEO of Greenham Trust said: “ We have been very pleased to extend our relationship with Allia C&C and the role they have played in raising additional funding to help support our further investment in the Trust’s property portfolio which will lead to more extensive grant giving in our geographical area of operation.”
Adrian Bell, CEO of Allia C&C said: “Allia C&C were delighted to build on our existing relationship with Greenham Trust. It involved us supporting Greenham on raising additional funding to expand the property portfolio and help its charitable mission. The Revolving Credit Facility provides Greenham with flexible low-cost floating rate debt with the opportunity to refinance into longer dated debt when interest rates are more attractive.”
Allia C&C’s focus and expertise is connecting investors with organisations making a positive social impact – whether as their core purposes, like charities and social enterprises, or as part of a strong commitment to being a responsible business.
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