We act for leading banks and other financial institutions in the UK and European real estate finance market.
The firm's Real Estate Finance team carry out all sizes of transactions. It has been involved in the financing (on a development, acquisition or refinancing basis) of a wide variety of assets including prestige office buildings, portfolios of industrial and retail properties, development situations, hotels, cinema complexes and other recreational facilities, petrol stations, caravan parks and ground rent portfolios.
The team has experience of all financing structures including acting for agent and arranger banks on syndicated transactions, lenders on bilateral debt, senior, mezzanine and quasi-equity, conduit lenders and loans for ultimate securitisation. Loans are to all nature of borrowers, domestic and overseas, including UK and offshore property companies, investment funds, partnerships, joint ventures and unit trusts.
In addition, the team has acted in the acquisition of portfolios of loans secured on commercial properties and is now acting regularly on the financing of properties in mainland Europe in addition to the UK.
Clients and experience
A selection of our real estate finance clients:
- Abbey National Treasury Services plc
- Anglo Irish Bank Corporation plc
- Allied Irish Banks plc
- Barclays Bank plc
- Bank of Ireland
- Bayerische Landesbank
- Britannia Building Society
- Cheshire Building Society
- Clydesdale Bank plc
- The Co-operative Group
- Deutsche Bank
- Fortis Bank
- GE Commercial Finance
- HBOS Group
- HSH Nordbank AG
- HSBC Bank plc
- Hypo Real Estate Bank
- Lloyds TSB
- Münchener Hypothekenbank
- National Australia Bank
- Nationwide Building Society
- The Royal Bank of Scotland plc
- Westdeutsche Immobilien Bank
A sample of our recent experience:
- Acting for Bank of Ireland on a £100m loan facility funding the acquisition by a Lux company of 10 Queens Street Place (tenanted by SJ Berwin).
- Acting for HSH Nordbank AG on a £122m development loan facility for the major redevelopment of the Rothschilds headquarters in London.
- Acting for Münchener Hypothekenbank on a £75m syndicated loan facility to a Property Unit Trust secured against a portfolio of properties located in England and Scotland.
- Acting for Lloyds TSB Bank plc on a syndicated €73.4m to Deanery Estates S.à.r.l. (a Lux Company) and various of its Lux subsidiaries as borrowers and garantors to finance the acquisition of a portfolio of 9 German properties, various interests in German KGs (limited partnerships) and certain development costs.
- Acting for The Royal Bank of Scotland plc on a €88m loan facility to an English limited partnership to finance the acquisition of the Prince de Galles hotel in Paris.
- Acting for Anglo Irish Bank Corporation plc (Dublin) on a loan facility of £220m to assist a Northern Irish company in its acquisition of a retail shopping centre (809,000 sq ft) in Doncaster upon completion of its development.
- Acting for The Royal Bank of Scotland plc and Lloyds TSB Bank plc (joint mandated lead arrangers) on an unsecured loan facility of £220m to refinance an existing facility in connection with a central London property portfolio.
- Acting for Anglo Irish Bank Corporation plc (through Anglo Irish Asset Finance plc) on a loan facility of approximately £220m to fund the development off Snow Hill, Birmingham which amongst other things will be the new headquarters for Wragges.
- Acting for Bayerische Landesbank on an investment loan facility of £400m to a Hammerson plc subsidiary secured on Bishops Square, London E1 (major office building occupied by Allen & Overy).
- Acting for Anglo Irish Bank Corporation plc (Dublin) on a loan facility of approximately £70m to Chancery Place S.à.r.l. (a Lux company) to finance the development of a vacant site in the centre of Manchester into a 15 storey brand new office block. Anglo also funded the payment of a profit share balancing payment due to the developer on completion of the building.
Team and reputation
In all three offices there is a dedicated group of lawyers with property, tax and corporate skills to assist in the structuring and completion of property finance transactions of any size, both large and small. In particular, we have a large property capacity located at each centre available to provide the property due diligence required for individual property and portfolio acquisitions or refinancings.
The team is very enthusiastic about providing seminars or other educational input to our clients, and will happily discuss any current legal issues or requirements on request.