Blake Morgan advises Pegasus Homes on £120 Million dual refinancing deal

Posted on 5th September 2025

Leading UK law firm Blake Morgan has advised Pegasus Homes, a prominent operator in the senior living sector, on a complex and high-value dual refinancing transaction totalling £120 million. The deal, which involved financing from Barclays UK Corporate Bank and Leumi UK, marks a significant milestone in Pegasus Homes’ strategic shift from private sales to a rental-led model.

The transaction included an £88 million facility from Barclays—an increase from its previous £29 million commitment — and a £32 million facility from Leumi UK. The refinancing enabled Pegasus Homes Rental Group Ltd to acquire 172 rental apartments from Pegasus Homes, bringing its total rental portfolio to 332 homes valued at £132 million. It also significantly deleverages Pegasus Homes’ balance sheet by consolidating debt and reducing the number of lenders to a core group: Deutsche Bank, Barclays, and Leumi UK.

A multi-disciplinary team at Blake Morgan advised Pegasus Homes throughout the transaction. The Banking & Finance team was led by Partners Simon Owen and Dan Webster, supported by Harry Taylor (Senior Associate) whilst the Real Estate team was led by Elizabeth Covil (Partner) and Alison Westbrook (Legal Director). The team worked closely with Pegasus Homes to coordinate the multiple strands of the transaction and perform an extensive property diligence exercise, requiring high levels of legal and commercial expertise together with multi-office capability and resource.

Simon Owen, Partner at Blake Morgan, commented:

We were delighted to work with Pegasus Homes on this significant transaction. Whilst the matter was challenging, it has been a great pleasure working alongside the highly experienced team at Pegasus Homes over the years, and we’re proud to have been asked to support them in the continuing and exciting evolution of their business.

David Clark, CFO of Pegasus Homes, added:

This was a complex and time-pressured transaction that was hugely important for the business and puts us on a very exciting path for the future. The team at Blake Morgan was at the centre of the whole process—expertly coordinating and negotiating its way to getting the transaction completed.

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