BLP and A&O lead on £958m Tesco sale and leaseback arrangement
Berwin Leighton Paisner (BLP) and Allen & Overy (A&O) have taken the top roles on a £1bn sale and leaseback agreement for Tesco. The deal, valued at £958m in total, saw BLP advise regular client Tesco on the transaction, which covers 41 of the supermarket's UK stores.
July 21, 2010 at 07:22 AM
2 minute read
Berwin Leighton Paisner (BLP) and Allen & Overy (A&O) have taken the top roles on a £1bn sale and leaseback agreement for Tesco.
The deal, valued at £958m in total, saw BLP advise regular client Tesco on the transaction, which covers 41 of the supermarket's UK stores.
A&O acted for banking clients Goldman Sachs and HSBC, which were the lead managers and joint lead arrangers on the deal.
The property securitisation deal was the latest phase of Tesco's ongoing programme to release value from its UK property portfolio, which has seen both A&O and BLP win mandates in the past.
BLP City-based corporate partner David Robins led for Tesco while A&O put together a team led by real estate finance partners Christian Lambie and Arthur Dyson. City tax partner Mark Brailsford also advised.
The deal was structured as a 50-50 joint venture with Tesco Pension Fund Trustees. It is being primarily funded by fixed rate notes issued by Tesco Property Finance 3.
Lambie commented: "[The deal] shows there is still a strong appetite for structured debt in the commercial real estate sector. This is a benchmark deal where the underlying credit of the tenant is the real strength of the investment."
Tesco said it will use the proceeds to help fund new property development projects in the UK and international markets as part of its international growth strategy.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Kirkland, Macfarlanes Act as Evelyn Partners Offloads £700M Professional Services Arm
2 minute read
Elon Musk Taps UK Top 50 Firm for London Launch of AI Business
Trending Stories
- 111th Circuit Rejects Trump's Emergency Request as DOJ Prepares to Release Special Counsel's Final Report
- 2Supreme Court Takes Up Challenge to ACA Task Force
- 3'Tragedy of Unspeakable Proportions:' Could Edison, DWP, Face Lawsuits Over LA Wildfires?
- 4Meta Pulls Plug on DEI Programs
- 5On the Move and After Hours: Meyner and Landis; Cooper Levenson; Ogletree Deakins; Saiber
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
