Vivid secures two private placements worth £110m

Vivid is aiming to deliver 17,000 new homes by 2030 and late last year ramped up its push on modular with a major deal with Legal & General.

The new funding follows a £100m loan it agreed with an aggregator in April, which was described at the time as a “new form” of flexible facility.

The banking team at social housing law firm Winckworth Sherwood advised Vivid on these latest two private placements.

The team was led by partner Lucy Grimwood and senior associate Rosanagh Herries, with support from trainee solicitor Bora Morina. 

Ms Grimwood and Ms Herries said in a joint statement: “These shelf facilities will provide liquidity and funds Vivid needs to continue its programme of support and development, and we are delighted to have played a part in their journey.”

Jonathan Roberts, group treasurer at Vivid, said: “We’re really excited to be developing new relationships with North American investors: Sun Life and Pacific Life. By getting these shelf facilities documented we’ll be able to access funds with greater agility. 

“These facilities will provide additional liquidity to the group. I am grateful for the support and advice from the team at Winckworth Sherwood in getting both facilities over the line so efficiently.”

Scott Douglas, director at Centrus, said: “We are delighted to have supported Vivid by arranging these £110m facilities from Sun Life Capital Management and Pacific Life. This transaction represents the start of a new relationship between Vivid and these institutions, helping further diversify Vivid’s already significant investor base.”