Irwin Mitchell has landed its first-ever mandate for Macquarie Bank, advising the Australian group on a £21.1m refinancing of a portfolio of 21 residential properties in London.
Macquarie stepped in to finance the portfolio after another lender pulled out. The 21 residential properties are owned by members of the Newbold family and subsidiaries of theirs.
The deal comes shortly after Macquarie, which is more known for leveraged financing, brought in two staff – Adam Joseph and Sharand Maharaj – in London to look at opportuities in real estate financing.
Irwin Mitchell advised first-time client Macquarie. Real estate finance partner Simon Tweedle led on the deal, with help from real estate associate Claire Illingworth and finance associate Ajoy Bose-Mallick.
Child & Child associate Shinead Wilson advised the borrowers.
Background to this deal:
Tweedle had been advising another lender on the financing for the 21 residential properties when it pulled out and Macquarie stepped in. He and his team were already part-way through the due dilligence on the deal at the time.
In November 2011, The Lawyer reported that Macquarie was mulling putting together its first-ever Europe, Middle East and Africa external legal panel (28 November 2011).
Macquarie has often turned to Freshfields Bruckhaus Deringer on deals, for instance when its European Infrastructure Fund acquired Wightlink in 2005 and Condor Ferries in 2008. But the firm has also handed mandates to Baker & McKenzie and Clifford Chance on a number of occasions.