Prologis

This deal for ProLogis is the first cash-funded multi-jurisdictional real estate securitisation in Europe and it is expected to be the first in a number of similar transactions which could total euro1.5bn (£905.3m) in the next three years. The euro213.8m (£129.5m) deal involves the securitisation of 31 properties based in the UK, the Netherlands and France and owned by subsidiaries in Luxembourg and France.`Clifford Chance was led by Peter Voisey, who joined from Lovells last year. The team advised the joint lead arrangers and the trustees, deployed a team of more than 50 lawyers in London, Amsterdam, Luxembourg and Paris. The challenge was to create a common structure for the bonds which could be applied across all the jurisdictions. The structure also needed to ensure that the UK securities trust was enforceable against the secured assets.`The deal creates a legal template for further deals and shows that it is possible to securitise real estate assets across different legal systems under a single cross-collateralised structure.