22 October 2014
Clifford Chance advises UKAR on sale of mortgage portfolio for £2.7bn
International law firm Clifford Chance has advised UK Asset Resolution Limited (UKAR) on the sale of a portfolio of performing residential mortgage loans worth £2.7bn to a consortium made up of J.P. Morgan and British specialist lender Commercial First.
UKAR is the holding company established to bring together the government-owned business of Bradford & Bingley plc and NRAM plc, which were brought into public ownership in 2008. The transaction is UKAR's largest asset sale since its establishment in 2010.
The London Clifford Chance team was led by finance partner Emma Matebalavu, tax partner Chris Davies and employment partner Alistair Woodland. The team included finance associates Laura Smallcombe and Katie Farrer; tax senior associate Lisa Barningham; and employment associate Florence Wong.