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Fladgate has advised the owners of Camden Stables Market and Camden Lock Village on its £230m refinancing deal with Japanese investment bank Nomura.
The deal marks the next step in the redevelopment plan for the area alongside the Regent’s Canal once devastated by the infamous Camden fire in 2008.
The group of companies held by Camden Market Holding Corp has moved its debt facility from the Irish Bank Resolution Corporation (IBRC), advised by Herbert Smith Freehills (HSF) to Nomura.
A 12-strong Fladgate team advised on the deal. Real estate partners Richard Reuben and Gideon Dabby-Joory led on real estate, construction, planning and real estate litigation. Corporate partners Avram Kelman and Jeremy Whiteson led the team advising on all corporate, finance and tax aspects.
They were assisted by finance partner Gary Smith, tax partner Huw Witty and a separate team of five solicitors.
The real estate group included real estate partners Matthew Williams, Philip Mundy and Daniel Rubie, planning partner Mark Harnett, construction partner Gillian Birkby, and real estate litigation partner Thekla Fellas.
Nomura has provided banking facilities in excess of £230m in the form of senior and mezzanine packages.
The bank was advised by Ashurt real estate partner Melanie Jordan and finance partner Sarah Watkinson. Ashurst has a longstanding relationship with Nomura on real estate deals, having advised the bank on its £3.2bn sale of Annington in 21 November 2012 (21 November 2012).
The firm kept its place on Nomura’s EMEA panel in December 2013 (16 December 2013) when it was renewed, having been appointed to its first formal panel in 2010 (5 August 2010).
Herbert Smith Freehills partner Damian Byrne-Hill advised IBRC on the transaction, which previously managed the group’s debt facility.
The deal was particularly complicated as the debt was secured against a chunky property portfolio. It included the Stables Market site in Camden and a Regents Canal development site.
Planning permission had been secured on that site for a mixed-use redevelopment including leisure, food, commercial and housing under the banner “Camden Lock Village”.
The deal marks the next step in the area’s wholesale redevelopment set to be turned into a four-storey shopping centre market running alongside Regent’s Canal.