Scope of facility agent's duties considered

The court considered the nature and scope of the duties of a facility agent in a syndicated, multi-tiered real-estate financing structure. The decision highlights the reluctance of the courts to impose liability or imply duties for such an agent in the event that these are not explicitly stated in the relevant finance documents.

RBS put together a £630m structured finance facility to Dunedin Property Industrial Fund (Holdings) for their industrious portfolio investing predominantly in industrial real estate. This was a multi-tiered financing structure split into six levels: (1) super senior loans; (2) senior loans; (3) mezzanine A loans; (4) mezzanine B1 loans; (5) mezzanine B2 loans; and (6) equity participation. RBS was both a lender and security trustee and agent at a variety of levels including the one material to the claimant’s case.

Torre Asset Funding (the claimant) invested approximately £27.8m at the junior mezzanine (B1) level. Significantly, the property ventures team of RBS acted as lender in the subordinated B2 mezzanine level and agent under the both B1 junior mezzanine facility agreement for the claimant and the relevant intercreditor deed…

If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below. 

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer


5 New Street Square

Turnover (£m): 241.20
No. of lawyers: 860 (UK 200)
Jurisdiction: UK
No. of offices: 6
No. of qualified lawyers: 73 (International 50)
No. of partners: 29