UK top 50 duo advise on restructuring of property developer's debt

Taylor Wessing's finance team has advised opposite Olswang on property developer Minerva's restructuring of a large chunk of its £1bn debt pile.

The UK law firm fielded two teams to advise lending banks Deutsche Postbank, HSH Nordbank, Nationwide and Landesbank Berlin in relation to the restructuring of £570m of the developer's debt.

The deal saw revised terms agreed for loan facilities financing Minerva's two largest ongoing property developments – The Walbrook and St Botolphs.

London finance partner Martin Yells led a team advising Deutsche Postbank and Nationwide on the £275m refinancing of the development loan for The Walbrook.

Fellow finance partner Rodney Dukes advised HSH Nordbank and Landesbank Berlin on the St Botolphs loan facility, which has been reduced from £315m to £295m.

Minerva, which in total refinanced, extended or restructured loan facilities in excess of £750m, was advised by Olswang London finance and acquisition finance head Moni Mannings.

St Botolphs comprises 560,000 sq ft of office and retail space just outside the City of London, while The Walbrook development is located on Cannon Street and is made up of 445,000 sq ft of office space.

Mannings said: "The most interesting thing about the deal was seeing the relationship between the banks and a real estate development company in a challenging situation. The banks have actually been very supportive, making it very different to the recession of 10-15 years ago when banks were more trigger-happy."

Minerva also renegotiated terms for six other existing facilities totalling £222m, of which £188m has been refinanced.