10 May – LAWFUEL – The Law News Network – Allen & Overy has advised Eurohypo AG, London branch, as arranger of a £710 million commercial mortgage-backed securitisation (CMBS) of two loans secured on the Harlequin Centre in Watford and the Braehead Shopping Centre in Renfrew, Glasgow, respectively. The transaction was the seventh under Eurohypo’s Opera Finance conduit lending programme and involved the issue of Notes due to mature in 12 years.
The Allen & Overy team was led by securitisation partner Christian Lambie, assisted by associate Sanjay Sethi and by banking partner Mark O’Neill, with assistance from associate Alexander Schlosser. Morgan Krone acted for the trustee, HSBC Trustee (C.I.) Limited, assisted by associate Sarah Crouch.
Christian Lambie commented:
“The CMBS pipeline remains very strong, and although pricing has widened somewhat over the last two months, the markets remain liquid and ever-expanding. The continued success of Eurohypo’s Opera conduit demonstrates this clearly, and our CMBS practice remains one of the strongest in the market.”
The joint bookrunners, The Royal Bank of Scotland and UBS, were advised by Clifford Chance. Linklaters acted for the borrowers, CSC Harlequin Limited, Braehead Glasgow Limited and Braehead Park Investments Limited, all subsidiaries of Capital Shopping Centres plc and members of the Liberty International group.