The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy has structured the first securitisation of a shopping centre in Europe and predicts more will follow.
A&O advised Deutsche Bank AG in London on the £610m securitisation of the rental income generated by the leases of retail units in The Trafford Centre, Manchester.
Travers Smith Braithwaite and Berwin Leighton advised Peel Holdings, the parent of the company that owns The Trafford Centre.
Conor Downey, a senior securitisation associate, says: "It is the first time anyone has securitised retail property in the UK, and the first European shopping mall securitisation."
He says the securitisation was partly made possible because the AAA rated bonds which have been issued are for such a long duration of time.
"The bonds have a maturity of 30 years. An average bond matures after about five to seven years," says Downey.
"A deal such as this has not been done before because securitisations have not been around for very long. We will see more shopping centres across Europe being done like this now the blueprint has been established."
Downey led the A&O team, directed by head of securitisations David Krischer.
International capital markets assistant Sonya Rofani and tax assistant Dorothy Wilkinson also worked in the team.
Property partner Claire Milton led the Berwin Leighton team. She was assisted by property and finance consultant Malcolm Brummer.
James Richards, banking and finance partner at Travers Smith, led the team for his firm.
Neither firm was available for comment.
The Trafford Centre is the third largest shopping centre in the UK, behind Meadowhall in Sheffield and the metro Centre in Gateshead. It has more than 125,000sq m floor space.