Simmons and A&O take lead roles on £1bn retail centre refinancing
Simmons & Simmons and Allen & Overy (A&O) have advised on a major £1bn refinancing of the Meadowhall Shopping Centre in Sheffield.Simmons banking partner John Davies advised British Land as the UK property investment company put in place a new finance structure that will permit £1.015bn of debt to be issued.
January 24, 2007 at 07:09 PM
2 minute read
Simmons & Simmons and Allen & Overy (A&O) have advised on a major £1bn refinancing of the Meadowhall Shopping Centre in Sheffield.
Simmons banking partner John Davies advised British Land as the UK property investment company put in place a new finance structure that will permit £1.015bn of debt to be issued.
The debt was secured over cashflows from Meadowhall, valued at more than £1.6bn. The previous securitisation structure was relatively complex, but bondholder approval was received to make the package more flexible and provide less of a legal risk.
Following the conversion of British Land to Real Estate Investment Trust status at the beginning of the year, the shopping complex is now held by a newly-established vehicle – the Meadowhall Limited Partnership – which will give the property group more flexibility.
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