13 August – LAWFUEL – The Law News Network – Allen & Overy has advised Barclays Capital, the investment banking division of Barclays Bank PLC, on its second conduit loan CMBS transaction under the ECLIPSE brand, in a £393,690,000 issue of commercial mortgage-backed securities by BELLATRIX (ECLIPSE 2005-2) plc, a special purpose vehicle (SPV). The ECLIPSE platform, recently announced by Barclays, capitalises on the rapidly increasing investor appetite for CMBS investments and the success of the first ECLIPSE deal, AQUILA (ECLIPSE 2005-1) plc, which came to market in March 2005.
The transaction involved the securitisation of 13 UK real estate finance loans, ranging in size from £3.5 million to £234 million, which were sold by the Bank to a UK SPV, which issued notes listed on the Irish Stock Exchange.
The Allen & Overy team was led by partner Christian Lambie, assisted by Daniella Siretz. Partner Simon Roberts led the loan review team. Tax advice was provided by partner David Hughes, assisted by James Reynolds. Partner Morgan Krone advised JPMorgan as Trustee, assisted by Sarah Crouch.
Christian Lambie commented:
“The second ECLIPSE transaction further consolidates our position as one of the leading CMBS law firms in the European markets. Our expertise in European CMBS is backed up by strength-in-depth across a variety of European jurisdictions, most notably the UK, Germany, the Netherlands and France. We were naturally delighted to work once more with Barclays Capital on this transaction.”
Both the SPV issuer and Barclays Capital Mortgage Servicing Limited (the master and special servicer) were advised by Sidley Austin Brown & Wood (Graham Penn / Partha Pal / Jayne Black).