Freshfields and Clifford Chance act as Westfield shopping centre refinances with CMBS
Freshfields Bruckhaus Deringer and Clifford Chance have advised on a £750m commercial mortgage-backed security refinancing package for Westfield's iconic Stratford City Shopping Centre.
October 21, 2014 at 07:46 PM
2 minute read
Freshfields Bruckhaus Deringer and Clifford Chance have advised on a £750m commercial mortgage-backed security refinancing package for Westfield's Stratford City Shopping Centre.
The original note sale was deferred in August but the offering was re-launched late last month.
The transaction was the largest agency CMBS in the UK this year and was rated AAA by ratings agencies Fitch and Dominion Bond Rating Service.
Freshfields acted for Westfield alongside an in-house Westfield team led by deputy general counsel Aline Taireh. The magic circle firm's team was led by finance partner Chris Barratt alongside senior associate Sabah Nawaz. Tax advice was provided by partner Colin Hargreaves.
Clifford Chance advised the lead managers on the transaction, Deutsche Bank and Credit Agricole CIB.
Bonds comprised of commercial mortgages have fallen out of favour since the financial crisis in 2008, but sales of CMBS involving bundles of loans secured by property such as shopping centres and offices have rebounded in recent years.
Westfield Stratford City, located next to the Olympic Park in east London, is Europe's largest urban shopping centre, housing more than 300 shops, 70 restaurants, a 14-screen cinema and three hotels.
Legacy firms Beachcroft and SNR Denton advised Westfield on lease agreements for 300 stores inside the centre when it first opened in 2011, but the key role went to Ashurst, which took the lead advising the Australian shopping centre group on planning, development, property and construction matters.
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