BLP, Nabarro and DLA lead on £400m refinancing for airport company
Berwin Leighton Paisner (BLP), Nabarro and DLA Piper have picked up lead roles on a £400m refinancing for airport real estate investor Airport Property Partnership (APP). The deal saw APP, a joint venture between commercial property investors SEGRO and Aviva Investors, agree a five-year refinancing package to replace maturing debt facilities due to expire in March 2012.
October 05, 2011 at 07:03 PM
2 minute read
Berwin Leighton Paisner (BLP), Nabarro and DLA Piper have picked up lead roles on a £400m refinancing for airport real estate investor Airport Property Partnership (APP).
The deal saw APP, a joint venture between commercial property investors SEGRO and Aviva Investors, agree a five-year refinancing package to replace maturing debt facilities due to expire in March 2012.
BLP acted for APP on the deal, negotiating the banking documents and facility agreement with a team led by London real estate finance partner Jo Solomon.
Nabarro also acted for APP, preparing the certificates of title for the portfolio which formed the basis of the banks' due diligence, fielding a team led by real estate partners Mike Logan and Jeremy Shields.
Logan commented: "We're delighted to have secured the instruction on this significant refinancing, having built a relationship with the client last year. Airport cargo sheds are proving to be a profitable real estate sector and we're proud to be working with APP."
The deal was financed by a consortium of banks advised by DLA Piper, including HSBC, Barclays Corporate, Royal Bank of Scotland, BNP Paribas, Credit Agricole CIB and Santander.
APP has a £1bn portfolio of airport-related real estate, the majority of which is based at London Heathrow Airport.
The refinancing comes after SJ Berwin and Herbert Smith last year took lead roles on a deal which saw airport operator BAA offload real estate assets worth £111m, with SJ Berwin advising SEGRO on its acquisition of BAA's 50% share in APP.
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