LG advises Redevco on £325m securitisation
7 April 2005
LG has advised Redevco UK on the £325 million securitisation of the majority of its UK real estate portfolio. As a result of this transaction, Redevco Original Commercial Securitisation PLC, a ring fenced special purpose company, has issued £325 million of bonds.
The securitised property portfolio consists of 53 investment properties located throughout the UK. The properties are predominantly high street retail, with some office and shopping centre units, with 108 occupational leases to 74 different tenants.
LG handled all the real estate aspects of the deal, including coordinating advice in Scotland and Northern Ireland. The firm also undertook a major restructuring of Redevco's substantial portfolio prior to the securitisation issue. The Lawrence Graham legal team was led by real estate partner Andrew Wade and corporate finance partner Paul Walker.
Commenting on the issue, Paul Walker said: "This was Redevco's first entry into the sterling CMBS market and we are delighted that Redevco instructed us to help them on this highly successful transaction."
Andrew Wade commented: "Large portfolio transactions have become an increasingly important specialisation for Lawrence Graham. This sterling CMBS deal marks yet another large portfolio deal which we have handled in recent years – and our pipeline suggests that our skill and capacity in this area are recognised by the market."
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Andrew Wade
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