16 August 2023
- Emma Matebalavu, Claire Fawcett, Josh Dowdall, Neelasha Nemani, Aldo Schiavo, Matt Lyons, Solomon Brown, Peter Manno, Jemma Dick, James Gouwar, Anne Drakeford, Stefanie Ferring, Struan Murray, Bruce Kahl, Nick Humphries
Clifford Chance advises Citi and Standard Chartered Bank on first European CMBS since May 2022
International law firm Clifford Chance advised Citi and Standard Chartered Bank on the first commercial mortgage backed securitisation transaction in Europe since May 2022. The transaction, by Last Mile Logistics CMBS 2023-1 UK DAC, is an agency CMBS of a £289,800,000 commercial mortgage loan advanced by Citi to various Blackstone sponsored entities. The commercial mortgage loan is secured by a portfolio of 37 UK logistics properties. The CMBS debt comprises notes and a class A loan. The notes are offered pursuant to Rule 144A and Regulation S.
While European CMBS market conditions remain challenging as a result of economic uncertainty and increasing interest rates caused by rising inflation, the transaction demonstrates that commercially viable CMBS is currently possible and it is hoped that further European CMBS may now follow.
The Clifford Chance team was led by London partners Emma Matebalavu and Claire Fawcett, assisted by associates Josh Dowdall, Neelasha Nemani and Aldo Schiavo, together with New York partners Jim Cotins and Matt Lyons, assisted by associates Solomon Brown and Peter Manno. Specialist advice was provided by Tax partners Jemma Dick and James Gouwar, and associate Nick Humphries, Derivatives partner Anne Drakeford and Luxembourg partner Stefanie Ferring and Trusts partner Bruce Kahl and senior associate Struan Murray.