21 January 2014

Real Estate lawyers at Burges Salmon have helped an existing client, on instructions from Sabal Financial, refinance two shopping centres as part of a facility, provided by Deutsche Bank and secured on a wider portfolio of properties, worth £94 million. The Real Estate team was supported by the firm's specialist Construction, Planning and Environment lawyers.

The shopping centres, located in Kings Lynn and Loughborough, were acquired following a consensual restructuring of the ownership of the shopping centres. After completion of the restructuring, our client refinanced the properties with Deutsche Bank.

The Burges Salmon team was part of a multi-practice team which included Ashurst, which advised on the Banking elements of the work, and Tods Murray, which advised on the Scottish Real Estate elements of the transaction. Herbert Smith advised Deutsche Bank.

Burges Salmon pulled together a team to meet the client's specific needs. The team was led by partner Paul Browne, who specialises in Real Estate Finance, with assistance from Ruth Wilson, Drew Nesbitt and the wider Real Estate team. The Planning team was led by Gary Solomon who was assisted by Sarah Sutherland and Fiona Barker. The Construction team was led by Steve James who was assisted by Katie Taylor. 

Giles Horridge, Legal Director at Sabal Financial, commented: 'The execution of this refinancing was very complicated because it required us to co-ordinate a restructuring of the ownership of the shopping centres, set up a new joint venture structure and the replacement of loan-on-loan financing with direct asset finance. The Burges Salmon team focussed on the property due diligence and worked very hard to complete the financing within a tight timeframe before Christmas. Their diligence, professionalism and flexibility was much appreciated by the deal team.'

Paul Browne, partner at Burges Salmon, commented: 'Matching the work ethic of the client with every enthusiasm, this was a true team effort. The PSU and trainee teams were outstanding in their commitment and enabled the team to deliver to every deadline.'

Key contact

Paul Browne

Paul Browne Partner

  • Head of International Trade
  • Real Estate
  • Nuclear

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