Mills & Reeve secure £60m investment in City livery company

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National law firm Mills & Reeve have advised The Mercer’s Company on a deal with Pension Insurance Company (PIC) of a £60 million, 50 year debt investment.

The Mercers’ Company is the Premier Livery Company of the City of London, founded in 1394. The Company, and its associated charitable trusts, make substantial grants annually to support its philanthropic programmes with young people and education, older people and housing and church and communities. The Company also supports 16 schools across the country, primarily through the appointment of governors. 

The bond will fund refurbishments and additions to the organisation’s property portfolio as well as supporting the company’s philanthropic activities. 

Rob Abernethy, Clerk and Chief Executive Officer at The Mercers’ Company, said: “This investment will enable the Company to continue with its programme of developing its existing investment property portfolio, to increase long term returns and support its philanthropic activity.”” 

James Christie, Finance Director at The Mercers’ Company, said: “The Mercers’ Company is proud to be the first Livery Company to establish this long term relationship with PIC, particularly given PIC’s stated values of loyalty, adaptability and resilience.” 

Sarah Seed, Partner at Mills & Reeve said: “This transaction is part of a growing trend for livery companies and charitable institutions to raise funds in the capital markets. Adapting traditional debt capital market documents for historic institutions will always present some challenges, but our expertise in this area means that we are well placed to guide clients through the process. 

“The organisation understood the need to plan ahead and this investment will secure their work for generations to come.” 

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