A&O does speedy work on canary wharf deal

Allen & Overy (A&O) has advised the lead arrangers on the latest securitisation of the Canary Wharf Estate. The firm advised Morgan Stanley and Lehman Brothers on the £726m tap issue and the redemption of £574.6m worth of existing bonds that are backed by seven properties on the Canary Wharf Estate. Partner David Shearer led the A&O team. The transaction, which completed on 23 April, began at the end of February, allowing little time for completion. Shearer said: “It was time-sensitive because of the need to redeem existing classes. We had to be sure this was done correctly and within the timeframe we were given.” Partner Andrew Forryan at Clifford Chance led the team advising Canary Wharf.