Royal Bank of Scotland

This deal for the Royal Bank of Scotland (RBS) means Berwin Leighton Paisner's (BLP) property finance department has worked on up to £4bn worth of deals in the past six months, compared with £3bn for the whole of last year.
As an elite player in property finance, RBS accounts for a good third of that work. Other recent RBS deals in which BLP has been involved include the provision of £1.25bn to enable Nomura's acquisition of Le Meridien Hotel chain from Compass. Simon Kildahl led on that deal, while Mark Waghorn led on the £400m refinancing for More London, which is fully underwritten by RBS. The highly structured refinancing included three separate development facilities – one relating to the Greater London Authority headquarters, one to Ernst & Young's new premises, and a third which enables value to be drawn from the remainder of the site where pre-lets are pending. The financing is structured to enable the bank to syndicate the loan either during the development phase – which is a less common step – or later.