2 February 2005 – LAWFUEL – The Law News Network – Allen & Overy advised Europhypo AG, London branch, as arranger of a £600 million commercial mortgage backed securitisation of the MetroCentre in Gateshead, the largest shopping centre in Europe. The transaction was the fourth under Eurohypo’s Opera Finance conduit lending programme and involved the issue of Notes due to mature in 10 years, making this the longest-dated conduit CMBS floating rate bond yet issued.
The Allen & Overy team was led by securitisation partner Christian Lambie, assisted by associate Alice Carpenter and by banking partner Mark O’Neill, with assistance from associate Jessica Tomlinson. Morgan Krone acted for the Trustee, HSBC Trustee (C.I.) Limited, assisted by associate Luke Lewis.
Christian Lambie commented:
“Eurohypo’s Opera programme is one of the most recognisable CMBS conduit lending brands in Europe, and we are very pleased to have now advised on three of the four transactions carried out under it. Our role on transactions such as this financing demonstrates the strength of our CMBS practice and our ability to provide efficient financing solutions for our clients.”
The joint bookrunners, The Royal Bank of Scotland and UBS, were advised by Clifford Chance. Linklaters acted for the Borrower, CSC MetroCentre Limited, a subsidiary of Capital Shopping Centres plc and a member of the Liberty International group.