Real Estate Finance

A team who works within a combined real estate finance, RMBS/CMBS and structured debt group and focus on real estate finance advising borrowers, lenders, lead managers and issuers on domestic and cross-border real estate financings, refinancings and restructurings.

Our dedicated real estate finance team comprises market leading individuals with a broad experience and a unique blend of professional know-how. Our real estate finance practitioners have an in-depth understanding of the commercial real estate sector and financing products in that market (e.g. bi-lateral loans, syndicated loans, sub-participated debt, mezzanine loans, development finance, CMBS/RMBS and other capital markets products).

For large-scale, multidisciplinary transactions we offer exceptional capacity to lead the deal, combining real estate, corporate, finance, capital markets, tax, restructuring, and dispute resolution know how.

Our Real Estate Finance expertise

CMBS/RMBS & CRE CLOs
CMBS/RMBS & CRE CLOs

Real estate infrastructure finance
Real estate infrastructure finance

Cross border and multi-jurisdiction finance
Cross border and multi-jurisdiction finance

Back-leverage/loan-on-loans
Back-leverage/loan-on-loans

Investment finance & Islamic real estate finance
Investment finance & Islamic real estate finance

Loan portfolio sales, purchases and financings
Loan portfolio sales, purchases and financings

Development finance
Development finance

Mezzanine/junior finance
Mezzanine/junior finance

Insolvency
Insolvency, restructurings, workouts and repackagings

Recent client highlights

Advised Bank of America and Goldman Sachs in their role as Joint Arrangers, Joint Lead Managers and Risk Retention Holders on Cassia 2022-1, a €235.5 million agented CMBS issuance secured over separate portfolios of logistics properties located in Italy.
Advised Rothesay Life PLC on providing a 10 year senior term loan to Lendlease for the acquisition of 21 Moorfields for £809 million. 21 Moorfields is a 568,500 sq ft premium office development in the City of London.

We advised a global investment management firm on the financing of an acquisition of two private equity funds, with more than which has more than €1 billion in assets under management. The target portfolio includes multiple hotels, golf courses, land and residential properties, amongst other assets.
We advised Bain Capital Credit on arranging a new capital stream for Linus Digital Finance, reaffirming the firm's ever-growing focus on financial investors. The €183m loan-on-loan funding deal is designated to expand Linus Digital Finance's real estate financing across Europe, with initial focus on the UK and Germany, whilst enabling Bain Capital Credit to create a new strategic partnership to support Linus Digital Finance’s growth trajectory and as part of its broader European real estate investment portfolio.

We advised Vantage Data Centers UK on the lease receivables derived from the client agreements entered into by the data centre owner. This is a first in the European market based on similar transactions in the U.S. market.
"They're leaders in this field and we turn to them for the most challenging and sophisticated matters. They never disappoint." Client, Band 1 Chambers UK, Real Estate Finance.

Our insights

Data Centre Financings: What's Next?

Technology has transformed the way we live and dramatically increased the volume of data being stored. As a result, data centres, as an asset class, have risen in value. However, the cost of energy and the water usage needed to run them, are increasingly coming under the spotlight.

It is estimated that data centres will account for over 3 per cent. of electricity demand in the EU by 2030 if development continues on the current trajectory. With spiralling energy costs, warnings of supply shortages, growing concerns about water resources and an increasing focus on sustainable lending, we look at what is next for data centre financings.

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Implications for Secured Lenders of the Economic Crime (Transparency and Enforcement) Act 2022

The Economic Crime (Transparency and Enforcement) Act 2022 introduces a new registration regime for overseas entities. Overseas entities which own or acquire UK real estate will need to register on a Register of Overseas Entities at Companies House, disclose their beneficial owners and keep their registration up-to-date. Failure to comply with the new regime carries consequences, including restrictions on the ability of an overseas entity to deal with its UK real estate, which could affect transactions involving, and security over, such real estate.

In this briefing note, we consider the implications of the Act for secured lenders.

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European CRE CLOs – Some thoughts on a developing asset class

For a long time, securitisation financing of commercial real estate (CRE) in Europe has been confined to commercial mortgage-backed securitisations (CMBS). However, CRE CLOs are an established asset class in the US and with the growing presence of non-bank lenders originating commercial real estate loans, the signs are that the CRE CLO will emerge as an alternative asset class in its own right.

This article explores some of its emerging features, and some of the key points of difference with European CMBS.