Work in Banking and Capital Markets

We acted for Tesco on a £1,750,000,000 multicurrency self-arranged 7 year revolving credit facility with HSBC Bank as Facility Agent.

We advised The Tesco Red Partnership opposite Deutsche Bank AG London Branch in its £382.4m single tenant conduit CMBS, raising long term fixed rate debt to finance the £445m acquisition of retail real estate in England, Wales and Scotland. The deal also involved the sale of a 50% interest in the partnership to the British Airways Pension Fund and is part of its plan, announced in April 2006, to realise up to £5bn in similar proceeds over five years.

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