This is the fourth in a series of commercial mortgage-backed securitisations Morgan Stanley International has worked on. In Europe, it is pioneering the US investment banking practice of making loans to commercial property owners with the specific intent of securitising them.
The first one was undertaken in August last year, when Allen & Overy acted for Morgan Stanley. But after winning the work for the second deal in December, Sidley & Austin has secured a steady stream of work. Morgan Stanley plans to continue a programme of securitisations which has so far meant a deal flow of around one every four months.
On this, the third deal for Sidleys, the transaction involved the securitisation of a loan to six limited partnerships secured on six commercial shopping centres located in England and Northern Ireland.
The offering of £462.2m secured floating rate notes was made by European Loan Conduit No 4 and listed on the Irish Stock Exchange in Dublin.
The team at Sidleys was led by London partners Sarah Smith, Graeme Harrower on tax, Robert Asher on US law and Julian Goodman on property.