Chris Allan

Its lawyers helped UK fund manager Social and Sustainable Capital (SASC) to agree a £4.925m loan from its dedicated social housing fund to Registered Social Landlord (RSL) Blue Triangle.

Blue Triangle, which supports more than 400 people daily through its services and outreach work, will use the cash injection to invest in new properties across Scotland.

It is the first organisation of its kind in Scotland to access SASC’s Social and Sustainable Housing Fund II (SASH II). The SASH II initiative aims to improve the lives of vulnerable individuals by supporting the provision of safe, stable and appropriate housing.

SASC was advised by specialists from Thorntons’ social housing team including corporate finance partner Chris Allan and commercial property partner David Milne. They were supported by corporate finance solicitor Walter Buckman and trainee solicitor Donald Thomson.

Thorntons has been working with social housing providers for more than 50 years and its expert team acts for registered social landlords across the country.

Mr Allan said: “We are extremely pleased to have advised SASC on this transaction, and to support them in their funding of critical services. The funding will help Blue Triangle to increase its stock of much-needed social housing and help a greater number of vulnerable people at a critical time in their lives.

“In May, Scotland declared a national housing emergency in recognition of the significant housing and homelessness pressures faced by local authorities. Given the pressures RSLs are facing and the reduction in the programmes for the development of further social housing, innovative funding such as that provided by the SASH II fund is very valuable.”