Real estate deals round-up


(Bertrand Andriani) represented Ambac Assurance UK as the guarantor on the issue by European Property Capital of €355.45m (£236.2m) of commercial mortgage-backed securities. The transaction is supported by commercial mortgage-backed loans to eight regional property-owning special purpose vehicles owned by GFR Group, representing mortgages on nearly 400 properties in regional France.

CMS Cameron McKenna (Nick Brown) represented Taylor Woodrow on its £283.3m sale of the St Katharine’s Estate and the K2 development property. St Katherine’s Estate was sold for £166.3m to St Katherine’s Investment LP, a client of Reit Asset Management. The K2 development property was sold, also to clients of Reit, for £117m. Kanter Jules (Simon Kanter) advised Reit, while Berwin Leighton Paisner (Jo Anand) acted for mortgagees Merrill Lynch.

Hammonds (Riccardo Rossotto) advised Fashion District Group on the €100m (£66.4m) sale of the first phase of its Fashion District Outlet development in Valmontone, outside Rome, to Deutsche Bank Real Estate. The development, set to expand to 40,000sq m, will create the largest factory outlet in Italy. NCTM Studio Legale Associato advised the purchaser.

Jones Day (Mark Emerson) acted for Balmcrest Estates on its £64.75m sale of 570 houses to a consortium headed by Cardiff-based Hodge & Co Property Holdings. Edwards Geldard advised the purchaser. Mourant du Feu & Jeune represented Jones Day in Jersey, while Ogier & Le Masurier advised Hodge & Co in Jersey.

Trowers & Hamlins (Nick Edmondes) advised Kuwait Finance House on its £56m acquisition of a portfolio of three offices from Morley Fund Management. The offices house IG Energy Services, Logica CMG and Apple Computers, and the acquisition was conducted in compliance with Shariah law. Berwin Leighton Paisner advised the vendor.