The Legal 500

Allen & Overy LLP handles almost exclusively top-end work, and advises on some of the largest financings in the European market, including recently representing HSBC on the financing, acquisition and £838m buy-back of its global headquarters in Canary Wharf from Metrovacesa. The firm fields some exceptional practitioners, including Adam Cleal, Julian Harris and Ian Powell. Clients say the team provides a ‘strong service, with a particularly good depth of experience and partner involvement’. Mark O’Neill and Arthur Dyson are both ‘very approachable and offer solid advice’.

Berwin Leighton Paisner LLP’s property finance practice is a class act and ‘highly market aware’, featuring star turns such as team leader Mark Waghorn, Simon Kildahl, Jo Solomon and Naveen Vijh. Key deals for the past year included advising Propinvest on the finance for the €1.9bn acquisition of Banco Santander’s global headquarters in Madrid. Clients say ‘the level of service is generally excellent’ from this ‘very knowledgeable team with wide-ranging skills’; it produces ‘outstanding work in a timely manner and with a good feeling for the commerciality of the deal’.

Clifford Chance’s property finance group, led by Mark Rees-Jones, is ‘undoubtedly one of the best’ and is global in scope. The practice is recommended particularly for high-value deals, typically involving an international element. Highlights included advising Bank Austria Creditanstalt in the acquisition of a large-scale residential development in Moscow. Alistair McGillivray is ‘a strong negotiator, and very quick in offering commercial advice’, while Jane Cheong Tung Sing ‘combines good legal knowledge, a commercial approach and notable tenacity - a leader in the field’.

Linklaters LLP’s trump card is advising European funds, such as acting for Invista European Real Estate on its multi-jurisdictional pan-European €420m refinancing by the Bank of Scotland. Other recent highlights include advising the arrangers on the £1.5bn property financing of the Co-operative Group’s acquisition of the Somerfield Group. Practice head Claire Watson and her colleagues, including David Ereira, are praised by clients for ‘their specialist knowledge, willingness to get things done, and ability to be commercial’.

The ‘excellent team’ at Addleshaw Goddard LLP ‘knows how to work with the client to deliver and add value on many levels’, and is a name increasingly heard throughout the market, especially on the lending side. The practice recently advised Münchener Hypothekenbank on a £75m syndicated loan facility to a large property unit trust. The firm enjoys links with a number of German banks, and also has a good relationship with Lloyds TSB Bank, which it advised on the acquisition of a portfolio of German properties. Andrew Besser leads this impressive team, while Martin O’Shea is ‘a really nice guy that you want to do deals with’.

Ashurst LLP is ‘excellent, with a responsive, commercial, can-do mentality’. It is particularly well regarded for its opco-propco expertise and advised Bank of Scotland, RBS and Barclays on the refinancing of the £1.44bn acquisition of Bhs. Other clients include Deutsche Bank and HBOS. Ruth Harris is ‘very client focused, with broad expertise and a calm manner’, while other impressive individuals include Sarah Watkinson and David Evans.

Simon Johnston’s team at CMS Cameron McKenna LLP has ‘in-depth knowledge and provides excellent client contact and communication’. The group has strong relationships with Bank of Ireland, Lloyds TSB and Danish mortgage lender Nykredit. The practice’s extensive European network helped it secure mandates that included advising Nykredit and DnB Nord on the financing of Helsinki’s largest shopping centre.

DLA Piper UK LLP’s property finance team is ‘able to put forward points in clear non-legal speak, and advice is always timely and accurate’. Stephen O’Brien’s group has significant strength in distressed loan advice, and has impressive links with banks such as Lloyds TSB, Barclays Bank and HSBC. The team was strengthened by the arrival of Marc Friedman and Robert Mower from Thelen Reid Brown Raysman & Steiner in September 2008.

Andrew Hill’s team at Denton Wilde Sapte LLP attracted some desirable new clients this year, including Citibank. Highlights include acting for RBS on the £73m financing for Clowes Group’s acquisition of a portfolio of properties from Bowden Developments. Clients say the ‘overall level of service is consistently excellent’, and the lawyers ‘are responsive and always provide clear and unambiguous advice’.

Freshfields Bruckhaus Deringer LLP has the advantage of great client relationships with leading names such as Land Securities, Telereal and HypoVereinsbank. Highlights included advising Capmark on the restructuring of multiple layers of £1.2bn senior debt secured against a portfolio of care homes. The group’s long and much-admired track record in restructuring is bringing a lot of work through the door in the current climate. Simon Johnson and Jeffrey Rubinoff are highly rated practitioners.

Herbert Smith LLP’s ‘renowned’ team is led by Gary Hommel, and is recommended for advising borrowers and lenders in pre-structuring scenarios and advising funds on obtaining real estate finance across Europe. The firm has excellent relationships with banks, and acted for Bank of Ireland on a £116m credit facility for Unite Finance One. Simon Chadney and Peter Long are recommended.

Mark Donald and Andrew Welbourn lead a ‘formidable’ team at Lovells LLP, which is ‘extremely responsive, proactive and knowledgeable, offering excellent insight and leadership’. The practice no doubt benefits from the excellence of the firm’s reputation in real estate. It advised Bank of Scotland on the provision of pan-Nordic real estate acquisition facilities valued at €500m to Nordic Aktiv Porperty Fund. ‘Application of the strict legal knowledge to the commercial context of the deal is at an admirable level.’

The Macfarlanes LLP property finance group is described as ‘exceptional, offering very good response times, real depth of knowledge, all in a good team which is always available’. The practice serves a good spread of borrowers and lenders, and new client wins include Aggmore Ventures and European Land. Recent highlights include advising Arora International Hotels on the £210m financing of the APP portfolio acquisition, and acting for a string of high-profile lenders such as Rabobank, Erste Bank, Bank of Scotland and ING Real Estate Finance. Head of the group Orla MacSherry does ‘an excellent job, is highly responsive and very thoughtful with the advice she gives’.

Nabarro LLP’s property finance team was boosted by the recruitment of high-profile practitioner Ciaran Carvalho from Dechert LLP, and attracted a number of new clients including Eurohypo, Heleba and Westpac. The team is particularly recommended for complex financing, and acted for Quintain Estates and Development on the restructuring of its banking arrangements, which involved nine different banks and a loan value of £700m. The team is ‘experienced and knowledgeable, with excellent technical know-how’. Clients recommend Clive Swillman, Andrew McLean, Duncan Hubbard, and group head James Dakin.

Norton Rose LLP’s ‘overall service level is excellent with quick and relevant responses’; the team is ‘diligent and technically polished both at senior and more junior levels’. Reflecting the wider firm’s reputation for Islamic finance, the property finance team advised Qatar Islamic Bank and Qatar National Bank on the financing of the Shard of Glass development. Clients single out Mark Lloyd Williams and Lucy Wolley Dod, whose ‘clarity of thought and commercial understanding complement the legal advice that they give to present an unusually rounded service’.

SJ Berwin LLP is at the forefront of the market in structuring real estate deals, and its experience in this area means it is often chosen to handle leading work, particularly where it can bring to bear its funds expertise. It recently advised Invesco on various issues, including the creation of an opportunity fund to invest in UK property, and the establishment of a hotel asset management fund. The team also acted for Evans Randall on a €1.5bn European prime real estate fund. Team head David Ryland is ‘absolutely first class in all respects and without peer in the industry’, and the team also has a number of ‘hardworking stars of the future’.

Graham Penn’s team at Sidley Austin LLP regularly acts for a number of RREEF property funds on transactions that have an international element. The group is also rated for its historic CMBS expertise, recently acting for Citi as arranger on Morrigan 1 CMBS, a £1.8bn issue underpinned by commercial mortgage loans. The practice also advised Europe Arab Bank in the financing of a hotel development in Dubai.

Taylor Wessing LLP is highly recommended for its knowledgeable property finance team, which has relationships with the likes of Deutsche PostBank, and Anglo Irish Bank. Highlight deals included advising key client HSH Nordbank on a £325m facility secured against a portfolio of Big Yellow Group units. The group is also rated for its Islamic finance expertise. Rodney Dukes, who leads the practice, Peter Shepherd and Raman Sharma are all excellent practitioners. Clients ‘feel in very capable hands - the required resource is made available for intense situations’.

Eversheds LLP is experienced in loan origination transactions, and has a good track record in Islamic finance. It acted for Bank of Scotland on £291m senior term facilities to Evans Randall for the acquisition of Commerzbank’s headquarters and other high-profile London City assets. Simon Mead leads the team, which was boosted by the arrival of Colin McKay from McGrigors LLP in 2008. Daniyal Ansari and Nick Swiss are also recommended.

LG’s property finance team focuses on commercial investment, hotels and development work, and recently advised Helical Bar on the financing of a substantial retail redevelopment in Cardiff. It also acted for Bayerische Landesbank on a £210m loan to Henderson for the acquisition of McArthur Glen outlet centres. Jane Spiers and Stephen Stephens jointly lead the practice. Clients ‘appreciate not being passed from individual to individual’.

Olswang is known as an extremely proficient and increasingly active player, for mid- to top-end deals. Key deals included advising Orchard Street Situations Fund on a £100m facility from the Bank of Scotland to finance UK commercial property acquisitions. Clients are quick to praise group head Eleni Skordaki.

Simmons & Simmons’ recent work includes advising banks on recovery strategies, and it also advised The Great Capital Partnership on a £225m facility secured against prime London properties. The group strengthened its resources with the arrival of Philip Beer from Herbert Smith LLP and Rachel Francis-Lang from Eversheds LLP. Richard Hughes leads the team.

Stephenson Harwood increasingly has experience in the European market, and advised key client St Martins Property Group on the multi-jurisdictional US$515.5m restructuring of its property finance facilities. Richard Light and John Fox are ‘hardworking, practical, commercial, and a pleasure to work with’, while the team as a whole ‘provides a commercial and flexible service’.

Travers Smith LLP’s property finance team, led by Paul Lyons, is noted for its good historical relationships with the Scottish banks, recently acting for RBS on high-value real estate equity bridge facilities. The team is recommended for its fund expertise on the borrower side, and other clients include Peel Land & Property and WestLB. The team is ‘professional, timely and adaptable’.

Bird & Bird LLP acts for an impressive number of banks, with recent client wins including Alliance & Leicester and Bank Hapoalim. Russell Dellar advised the former on a multimillion-pound development facility for an offshore company. The group also has notable experience in shari’ah-compliant real estate transactions. Jonathan Baker leads the practice.

Davies Arnold Cooper LLP is increasingly prominent in the market, having acted on the financing of some major London landmarks. As well as advising some of the leading banks, such as Anglo Irish Bank and Clydesdale Bank, the group acts for some busy investors, including Arab Investments. Clients are quick to praise the depth of practice, which is led by Paul McCartney.

Field Fisher Waterhouse LLP’s property finance practice acts for a number of banks, including Citigroup, Bank of Scotland and Europe Arab Bank. It also has niche expertise in healthcare finance, with highlights including advising Bank of Ireland on a £93.5m syndicated secured term and credit facility for the Richmond Care Villages, a major healthcare organisation. Andrew Evans acts with ‘professionalism and good humour’, while John Nelmes is ‘unflappable and good at spotting banana skins’. Clients also recommend Jon Fife.

Fladgate LLP represents numerous lenders and investors, such as Bank of Scotland, Bank of Ireland, Zurich Bank and Close Brothers. Recent key deals include advising Tritax Securities 1 on raising £175m for commercial property purchases. Richard Kaufman’s team ‘gives great advice, and is very dynamic and knowledgeable. They’re very approachable with huge knowledge and experience’.

Gibson, Dunn & Crutcher LLP represented Apollo European Real Estate Fund in forming a joint venture with F&C REIT Asset Management to acquire a portfolio of properties from the administrators of the Dawnay Day group. Alan Samson leads the group.

Jones Day attracted some great new clients, including TPG and GIC, and handled some impressive deals despite tricky market conditions. Most notably these included advising Goodman European Logistics Fund on its US$1.1bn facilities arranged by Eurohypo Bank and RBS. Andrew Barker, Liz Saxton, Jennifer Calver and Edwin Borrini are recommended.

K&L Gates acts for a number of high-profile lenders, and notably advised Anglo Irish Bank on the restructuring and restatement of a £210m loan facility secured against a nationwide portfolio of industrial and commercial properties. Clients say ‘advice is always spot on and the strength of the team is excellent’. Richard Williamson is ‘a great leader’, jointly heading the practice along with Elizabeth Shell, who ‘always performs extremely well’. The group lost Justin Salkeld to Baker & McKenzie LLP in 2008.

Maples Teesdale is increasingly winning substantial work from names such as Lloyds TSB and Nationwide Building Society. The team, which is led by Denis Marshall, notably advised the former on a number of refinancing loans and mixed-use development schemes.

Mayer Brown International LLP has a good balance of borrower and lender clients, and has experienced an increase in its volume of restructuring and refinancing work for key clients such as Nationwide Building Society and Allied Irish Bank. Borrower representations include Frogmore and Losan. The practice recently advised Arminius on commercial mortgage-backed debt purchases. Iain Thomas and Nigel White are leading individuals in the group.

Hazel Miller’s team at Orrick, Herrington & Sutcliffe is ‘very responsive, grounded, practical, and well organised, with excellent knowledge’. The group is recommended for its expertise in cross-border real estate transactions, having advised on various pan-European financing deals, including on a €428m European facility agreement. Alexander Janes is ‘responsive and very precise’, and the ‘personal approach of the entire team is much valued’.

Paul, Hastings, Janofsky & Walker (Europe) LLP fields some excellent practitioners with a good range of expertise. It acts for several leading financial institutions, including Deutsche Bank and Capmark, and advised Credit Suisse in the restructuring of loans secured by commercial property assets. Phillip Feder and Mark Eagan are recommended, and ‘have a very good understanding of their client’s objectives’.

Reed Smith is recommended for acting for clearers and lenders on a broad range of property finance work, and advised Deutsche Postbank on the funding for a £120m development in Paddington. Clients say the ‘commitment and turnaround time is outstanding. They are accessible and pragmatic, and have tremendous knowledge at hand’. Head of the group Terry Green is recommended.

Boodle Hatfield offers ‘exceptional response times, serious commercial strength and appropriateness of advice, which is without question’. New clients include Kaupthing, and the practice continues to advise AIB and Nationwide, as well as a selection of high-net-worth-individuals, on property funding. Hugh Devas has ‘the highest intellectual capacity, and is commercial without taking shortcuts. He gives unswerving service and dedication’. Richard Maughan leads the department.

Dundas & Wilson LLP had a strong year, and cemented its relationships with leading banks such as Bank of Scotland, which it advised on the refinancing of a mixed-use development in Cardiff. Kenneth Maxwell, who leads the team, and Michael Wrigley have ‘the correct demeanour, in that nothing is ever too much trouble’. The team fields some ‘excellent problem solvers’.

Finers Stephens Innocent LLP provides ‘superb service and value’. The team has good links to some leading banks, including Clydesdale Bank and RBS, and is recommended for its growing expertise in the creation of property funds. Graham Reid is ‘very responsive and willing to find solutions’, while Mark Johnstone is ‘outstanding in terms of attention to detail and client relationships’.

Glovers Solicitors LLP represents several prominent property lending banks, including Anglo Irish Bank and Investec Bank. Andrew Parker leads the team, which is increasingly focused on recoveries and receivership sales. Clients say they receive ‘an excellent service. Advice, business acumen and industry knowledge is extremely good and above all they respond to requirements efficiently and expeditiously’. Richard Gilchrist is also recommended.

Peter Belcher leads GSC Solicitors LLP’s property finance practice, which is noted for advising on development finance issues. Matthew Phillips is also recommended.

Halliwells’ property finance team is ‘very vibrant and the people in general have an excellent depth of knowledge. Their ability to interact with clients is a major positive and their proactivity is one of their key points’. Kim McMurray, who leads the team, is praised for her ‘can-do attitude’. Recent highlights include advising Bank of Scotland on the purchase and development of a care home, and acting for General Capital on the bridging finance for a number of properties.

Jason Lewis leads Howard Kennedy’s property finance team, which advised a leading bank on funding for care home and healthcare facilities. Banking clients include Lloyds TSB, Nationwide and Abbey Corporate.

Laytons’ ‘response times are excellent’, and its lawyers ‘have very good industry knowledge and a wide variety of specialisms - the advice is nearly always spot-on’, according to clients. John Beesley leads the team, which also features Charles Hodder and Duncan Williamson. Highlights include advising Catesby Property on a joint venture with Bank of Scotland in connection with brownfield regeneration sites.

Manches LLP’s property finance practice had a successful year, winning some impressive mandates. Most notably these included advising Allied Irish Banks on the financing of the US Embassy relocation to Wandsworth. The team, which features Rajan Shori and Melvin Pedro, enjoys fruitful relationships with some leading lenders, including Clydesdale Bank, Lloyds TSB and Fortis Bank.

Salans advises a good balance of lender and borrower clients. Highlights included acting for Upper Spring Property on the refinancing of a mixed-use and residential portfolio, and advising leading names such as Bank of Ireland, ING and Abbey National. Daniel Polden, who leads the property practice, is ‘commercial, clever and proactive’. The group recruited Nick Ellis from Fladgate LLP.

Colin Hurt leads Wragge & Co LLP’s property finance team, which includes Kirsty Jefferies and Chris Brierley. Mandates frequently have an international element; recent examples include advising Roskilde Bank on restructuring security over UK properties owned by Danish Investment Vehicle.