Work in Real Estate Finance

We acted in relation to £250,000,000 of acquisition and construction finance being provided by the Bank of Ireland Real Estate Finance Team, acting as agent  (“BOI”), Fortis Bank S.A./N.V. and HSBC, lending to the Comer Homes group of companies. The finance package comprised of a £125,000,000 acquisition facility and a £125,000,000 development facility to develop 3 separate residential developments at the site of the former International University, the Avenue, Bushey, Hertfordshire (the “Bushey Property”), Ocean Views Portland, Weymouth, Dorset (the “Portland Property”) and Bradstowe House, Harrow, Middlesex (the “Harrow Property”). It is proposed that 317 residential units will be constructed at the Bushey Property, 637 residential units will be constructed at the Portland Property and 144  residential units and 50,000 square feet of commercial space will be constructed at the Harrow Property. 

George Younger and Clare Guinness of the Bank of Ireland Real Estate Finance Team originated and structured the finance package.

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We advised The Beetham Organization on the purchase of 1 Blackfriars Road, London for an undisclosed sum, exceeding £50m.  This purchase brings Beetham one step closer to ensuring the proposed 52-storey mixed use tower on the site is given the go ahead. The £600m scheme is awaiting planning permission but completion of the scheme is planned for 2011 in time for the London 2012 Games.

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We acted, along with one of our Swedish preferred firms’ Gernandt & Danielsson Advokatbyrå, for Barclays Capital on the arranging of a SEK5,368,500,000 (approximately £400m) loan to Keops, one of Denmark’s major property companies. The transaction involved forming a special purpose vehicle and included both a fixed term and a revolving facility. It was established to assist with the financing of two property portfolios, covering some 172 properties in Sweden.

This deal is understood to be the largest property deal in Sweden’s history.

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We acted on behalf of Curo Sterling (Valegate) Limited Partnership (“Curo”) to purchase Valegate Retail Park in Cardiff.

Contracts have been exchanged to purchase the retail park, which is a 93,000 square foot property, for approximately £27m. The property will be placed in a pooled property investment scheme for private investors.

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