Work in Securitisation

We advised The Royal Bank of Scotland (RBS) as sole arranger and lead manager of the €1.95bn issue of Mortgage Backed Floating Rate Notes due 2049 by Celtic Residential Irish Mortgage Securitisation No. 12.  The deal involved a Residential Mortgage Backed Securitisation (RMBS) of Irish mortgage loans originated by First Active and included a refinancing of four previous First Active securitisations - Celtic 3, Celtic 4, Celtic 5 and Celtic 6.

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We represented Merrill Lynch on the provision of a £367m acquisition facility to finance the acquisition by Consensus Business Group of Holiday Retirement Group (UK) and its subsidiaries, including Peverel and its securitisation group companies. The acquisition facility is to be taken out through a securitisation. Peverel owns approximately 1,400 developments yielding ground rents subject to RPI and other mechanism uplifts. Ancillary businesses include property management, insurance broking, careline facilities and estate agency. It is expected that the acquisition facility will be replaced by term loans and ultimately a securitisation. 

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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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