United Kingdom > London > Real estate > Property finance
Index of tables
Property finance
-
1
-
2
-
3
Leading individuals
-
- Andrew Besser Addleshaw Goddard LLP
- Tom Budd Gibson, Dunn & Crutcher LLP
- Andrew Carnegie Clifford Chance
- Rodney Dukes Taylor Wessing LLP
- Arthur Dyson Allen & Overy LLP
- David Ereira Linklaters LLP
- David Evans Ashurst LLP
- Simon Johnston CMS Cameron McKenna LLP
- Simon Kildahl Simmons & Simmons
- Mark Menhennet Sidley Austin LLP
- Neil Murray Stephenson Harwood
- John Nelmes Field Fisher Waterhouse LLP
- Mark O’Neill Allen & Overy LLP
- Damian Perry Clifford Chance
- Mark Rees-Jones Clifford Chance
- Laurence Rogers Berwin Leighton Paisner LLP
- Steve Smith Linklaters LLP
- Naveen Vijh Berwin Leighton Paisner LLP
- Mark Waghorn Simmons & Simmons
- Claire Watson Linklaters LLP
While uncertainty remains in the UK market, with many banks focused on restructuring existing loan books, 2010 did see improvement in activity, with a strong appetite for equity investment in prime UK and German real estate.
Allen & Overy LLP’s ‘team is very strong, with European reach’, and is a favoured destination for large, complex deals. Its high-profile instructions in 2010 included advising Lloyds Banking Group on the consensual restructuring of facilities totalling €1.2bn secured against three large real estate portfolios. ‘Overall, service levels are very high’ and, in particular, Arthur Dyson and Mark O’Neill are ‘commercially minded lawyers who understand what the bank is trying to achieve’. Ian Powell is ‘calm, capable and very astute’; Melissa Samuel is ‘strong and good to have on board’; and Simon Roberts is ‘commercially tenacious and great fun to work with’.
Berwin Leighton Paisner LLP has ‘immense market intelligence and contacts: it has done virtually every deal out there’. It advised J.P. Morgan Asset Management on a loan from a syndicate of six German banks to finance the £557m purchase of Bishops Square. Practice head Laurence Rogers is ‘excellent technically with a winning personality’, and Naveen Vijh, Andrew Flemming, Jo Solomon are Jo Anand are ‘all good partners, very experienced with some excellent support staff’. The team will miss Richard Hughes, Simon Kildahl and Mark Waghorn, who joined Simmons & Simmons.
Clifford Chance is ‘the best firm, period, for any deal which is complex and multidisciplinary or multi-jurisdictional’, and provides ‘Rolls-Royce service’. It advised Barclays Capital on restructuring Elba Group’s €514m of senior, mezzanine and liquidity facilities, an instruction which involved 80 lawyers across eight jurisdictions. Clients single out Andrew Carnegie as ‘hands down, the number-one real estate finance lawyer in the UK’. Jane Cheong Tung Sing, Mark Rees-Jones and Damian Perry have ‘excellent sector knowledge and experience’, and Heather Buttle is ‘very able’.
Linklaters LLP has ‘highly intelligent lawyers at the senior, middle and junior level’, making it ‘number one for big-ticket, complicated projects’. The team acted for Lloyds Banking Group regarding the ongoing restructuring of Battersea Power Station, and for AREA Property Partners on a £380m debt restructuring. David Ereira (‘one of the finest’), Steve Smith (‘exceptional’), Matt Elliott, Anne Byrne and practice head Claire Watson are all recommended.
Addleshaw Goddard LLP focuses on bank-led finance work, particularly for German lenders, and is ‘familiar with issues affecting the banks’. It advised a bank syndicate on a £121m development facility for The Heron in London, and a syndicate led by Bayerische Landesbank on acquisition financing for Bishops Square in Spitalfields. ‘Extremely commercial’ senior partners Emmett Peters, Dave Wilson, Alan Duncan and Martin O’Shea demonstrate ‘impressive willingness to go the extra mile’. Andrew Besser, Paul Salsbury and James Salford are also recommended.
CMS Cameron McKenna LLP ‘always takes a pragmatic approach, and delivers on its promise to protect the client and get the deal done’. The team advised Lloyds TSB Bank on a multimillion-pound development facility for a shopping centre in Wakefield. Borrower work included acting for Rockspring Hanover Property Unit Trust and RREEF on financings. Department head Simon Johnston is ‘cool, calm and collected, with a wealth of experience’. The team’s associates are ‘intelligent and really level-headed’; they include Marianne Mudd, an ‘amazing lawyer with a refreshing approach to business’, and Sarah Allonby.
DLA Piper UK LLP demonstrates ‘good market knowledge; the service is excellent and consistently reliable’, and clients appreciate its ‘commercial approach to get the deal done’. The team continues to focus on quality mid and upper-market lender work, with a solid borrower advisory capability. Clients include Lloyds Banking Group, Nationwide Building Society and Santander. Practice head Toby Barker is ‘reliable; always calm and approachable’. New partner Christian Francis ‘works incredibly hard, and is pragmatic and diligent’.
Freshfields Bruckhaus Deringer LLP’s ‘service levels are consistently excellent’. The practice advised on new-money financings, significant CMBS restructurings, and some of the largest restructurings of businesses in the sector, including that of Arora Holdings’ £860m facilities. Another key matter was advising Capita Asset Services on restructuring the £1bn Center Parcs CMBS financing. Other clients include JPMorgan, Metrovacesa and Realstar Group. Simon Johnson and Jeffrey Rubinoff are recommended.
Herbert Smith LLP provides a ‘top level of service and a great team’, advising lenders, investors and developers. Ongoing work includes acting for Lloyds Banking Group and Deloitte on the Thornfield Group’s £400m-plus insolvency. The team also advised Carlyle on financing the £440m acquisition of the White Tower portfolio. Gary Hommel ‘impresses with knowledge of UK financing, insight into risk and creative solutions’, and Simon Chadney is ‘very good on cross-border financing’.
Hogan Lovells International LLP is ‘commercially astute and focused on delivering the right solution’. The firm increased its bank panel representations, and has flourishing relationships with the German land banks. It advised Bank of Scotland and Deutsche Pfandbriefbank on a £171m term loan facility to refinance a commercial property portfolio. Mark Donald and Andrew Welbourn co-head the group, ‘bringing wide experience to each situation’.
Nabarro LLP is ‘one of the most used and useful firms’. With its expertise in student accommodation, the team advised Unite Group on the £67m development financing for the Moonraker site. In retail, it advised Grosvenor Liverpool Fund on refinancing the development facility for the Liverpool One shopping complex. Andrew McLean, Amanda Howard and James Dakin are ‘thoughtful, intelligent and responsive’. Duncan Hubbard joined Norton Rose LLP.
Olswang’s Eleni Skordaki has an ‘affable personality which encourages a swifter, more consensual documentation process’. The firm has very strong links with key lenders (predominantly German banks such as Westdeutsche ImmobilienBank), and it advised Eurohypo as agent, arranger and underwriter of a seven-year facility to Legal & General UK Property Income Fund. On the investor side, the team advised Heron International on its joint venture with a fund advised by AREA Property Partners.
SJ Berwin LLP displays ‘excellent knowledge’ and ‘always ensures sufficient resources and experience are provided on transactions’. The team advised Evans Randall on its £242.5m acquisition of the Drapers Gardens office complex, and Schroders on matters including a proposed debt origination fund. David Ryland, Raji Bartlett and Ian Borman are recommended.
SNR Denton advised RBS on restructuring residential homebuilder Morris Group’s term and revolving facilities, and acted on financing Hilton hotel acquisitions in Manchester Airport, Stratford-upon-Avon and Wokingham. Lorraine Davis and Andrew Hill are popular with clients. Jayesh Patel joined Stephenson Harwood.
Sidley Austin LLP’s ‘top-notch’ structured finance practice is particularly recommended for high-value restructuring and cross-border matters. It advised Santander on a loan secured on an office development in Manchester, and also advised on the first post credit crisis UK RMBS issuance to be sold to US investors. Key clients include Barclays Capital, Citi and Pirelli Real Estate Fund. ‘Experienced’ practice head Graham Penn is recommended, as are Mark Menhennet and Nick Brittain.
Simmons & Simmons significantly boosted its profile by recruiting Richard Hughes, Simon Kildahl and Mark Waghorn from Berwin Leighton Paisner LLP, all ‘well versed, highly responsive team leaders’. Once settled, the expanded team will be well placed to capitalise on the firm’s existing focus on financial institutions.
Stephenson Harwood made some ‘really good additions to the team’; Jayesh Patel and senior associate Jonathan Proctor joined from SNR Denton, and Neil Murray from Travers Smith LLP. ‘The quality of advice and industry knowledge is first class, but what marks the team out is its ability to see the commercial realities.’ The group was re-appointed to the RBS panel, and won several new panel appointments. Richard Light is recommended for his ‘responsiveness and commercial advice’.
‘A market-leading brand in mid-market real estate finance’, Taylor Wessing LLP’s new clients include DekaBank, which it advised on acquisition refinancing for 41 Lothbury, EC2, and Deutsche Hypo; and panel appointments included NAMA and the Nationwide Building Society Commercial Division. Rodney Dukes is ‘a very comforting presence either leading transactions or behind the scenes’; Bob Gayford gives ‘prompt and sound advice’; and Jonathan Marks (‘calm under pressure’), Mark Bennett, Paul Harrison (‘a class act’) and Richard Williamson are also recommended.
Ashurst LLP has ‘great understanding of the property market, deals and current thinking’. It acted for Lloyds Banking Group on the £600m restructuring of the Principle Hayley hotel group. Other clients include RBS, Crédit Agricole and Berlin Hyp. Ruth Harris, Sarah Watkinson and David Evans are recommended.
Bird & Bird advises on domestic and cross-border financings, as well as on all aspects of real estate insolvency, and has niche expertise in shari’ah financing. Jonathan Baker and Russell Dellar are recommended.
Eversheds LLP is valued for its ‘excellent knowledge of the property finance sector and good turnaround times’. Lender clients include Lloyds Banking Group, which it advised on some of its biggest exposures, particularly in the leisure sector. The firm also has flourishing relationships with Barclays and Santander. Simon Mead has ‘good technical knowledge, and is easily accessible’, and David Boyd pairs ‘strong client management skills with an ability to understand the bank’s underlying commercial rationale’.
Jones Day advised on over £2bn of property finance deals during 2010, including advising Meyer Bergman on an £82m acquisition facility to fund a 50% interest in the Bentall Centre, Kingston. Andrew Barker, Neil Ferguson and Liz Saxton are ‘practical and commercial’.
Lawrence Graham LLP’s ‘lawyers know what the client is looking for, and the service is very good’. The group acted on a successful debt restructuring of senior, stretch and mezzanine facilities totalling over £340m secured on a portfolio of 16 Hilton hotels. Other clients include Bayerische Landesbank, DG Hyp and RBS. Nick Turner’s ‘vast knowledge and experience in the industry, together with a very hands-on attitude, make him a perfect adviser’.
Macfarlanes LLP represents borrowers and lenders, and recently advised LXB Retail Properties on its £26.5m facility with DeutscheHypo; and Partners Group on its subordinated facility to refinance 5 Canada Square. Colin Morgan now heads the practice following Orla MacSherry’s departure.
Mayer Brown International LLP acted for Reignwood on the £105m financing by Siam Commercial Bank to acquire Ten Trinity Square in the City. Other clients include Bank of America Merrill Lynch, and Landesbank Berlin. The team’s ‘industry is knowledge impressive; they know their market inside out’. Nigel White is recommended, as is Stephen Walsh, who is ‘one of the best’, and Andrew Hepner, who is ‘proficient and motivated; nothing appears too much trouble’.
Norton Rose LLP’s Lucy Wolley Dod is ‘outstanding – in terms of know-how and taking on responsibility’, and leads a team which is ‘quick to respond to any instructions and has the knowledge to advise appropriately’. Duncan Hubbard joined from Nabarro LLP. Highlights included acting for Europa Capital on selling a strategic stake to Rockefeller Group.
Osborne Clarke provides ‘excellent service, fully understands the client’s requirements, and ensures matters are dealt with in an appropriate timescale’. It won new panel appointments, acted on over £500m of financings and saw a surge in restructurings. Andy Clayton and Ian Wilkinson are recommended.
‘Responsive, knowledgeable, and enjoyable to work with’, Reed Smith mainly advises lenders, such as Santander and Lloyds TSB. Paul Johnston is ‘a natural negotiator – a classic velvet glove on an iron fist when needed’. Charles Bezzant is ‘hugely knowledgeable’, and Terry Green is also recommended.
Travers Smith LLP represents lenders such as RBS, Landesbank Berlin and Lloyds Banking Group. Paul Lyons is recommended. Neil Murray joined Stephenson Harwood.
Bristol-based Burges Salmon LLP’s ‘overall level of service is excellent’. The firm advised longstanding client HSBC on the £75m financing of a portfolio of student investment properties for the Unite Group. Other clients include Lloyds Banking Group, Nationwide Building Society and RBS. Paul Browne and Richard Leeming are recommended.
Davies Arnold Cooper LLP has particular expertise in hotel transactions. It also advised Irish Nationwide Bank on NAMA requirements for its property portfolio. The ‘very good, thorough and professional’ Paul McCartney heads the team.
Field Fisher Waterhouse LLP acts on mid and high-value new-lending transactions for longstanding lender clients such as Citibank, Lloyds Banking Group and UBS, and for borrowers including London Irish Rugby Club and KMP Partnership. John Nelmes and Andrew Evans provide ‘solid legal advice’.
Fladgate LLP’s ‘very commercial’ team was boosted by the arrival of Kim McMurray (‘excellent in all respects’), formerly head of real estate finance at Halliwells. The firm advised Akkeron Hotels Group on a new £32m credit facility provided by Lloydds Banking Group to acquire 18 Forestdale hotels.
Forsters LLP’s Victoria Edwards ‘has a superb business head and leads an excellent team’, which advised Colebourne Asset Management on refinancing a commercial property portfolio. The team keeps clients ‘fully informed of progress’.
Gibson, Dunn & Crutcher LLP’s Tom Budd, Alan Samson and Wayne McArdle are highly regarded by clients – ‘their service is excellent, and they are extremely knowledgeable’. The team advised the owner of Paris skyscraper Coeur Defense on the €2.1bn CMBS restructuring – Europe’s largest for a single asset – and related proceedings.
A leading firm for mid-market deals, Glovers Solicitors LLP’s ‘ability to suggest solutions is a real bonus compared to many firms who simply highlight the issues and await instructions’. Close Brothers and Royal Bank of Canada Trustees are clients. Andrew Parker and Richard Gilchrist are ‘excellent’, and ‘extremely efficient’.
Howard Kennedy is a ‘most straightforward firm’. Jason Lewis ‘runs a particularly good team’, which is valued for its ability to see the bigger picture and was augmented by Mark Phillips joining from DLA Piper UK LLP. The practice advised parts of Santander on over 20 loan advances ranging from £3m to £30m.
K&L Gates’ ‘service is energetic with willingness to think around the problem’. The firm, which advised on a range of transactions involving over £3bn of debt, won a place on the RBS panel. Other clients include Henderson Global Investors, Deutsche Bank and Lloyds Banking Group. Andrew Petersen provides ‘commercial and to-the-point advice’.
Maples Teesdale LLP’s ‘advice is intuitive, commercial and practical, with partner involvement throughout’. Clients include Lloyds TSB Bank, RBS and Nationwide Building Society. Neil Sagoo ‘stands out as having an in-depth knowledge of property law with a very practical approach’, and Roger Thornton is also recommended.
Orrick, Herrington & Sutcliffe (Europe) LLP’s experience as CMBS special servicers kept it busy with restructuring and enforcement matters. Alexander Janes and practice head Hazel Miller are recommended.
Paul, Hastings, Janofsky & Walker (Europe) LLP, which ‘provides excellent service and advice’, is well known for cross-border lender work for clients such as Barclays Capital, Credit Suisse and Deutsche Bank. It acted for CB Richard Ellis Loan Servicing on the £1.15bn White Tower commercial mortgage securitisation. Justin Jowitt is recommended.
Wedlake Bell LLP’s flourishing practice acted for Warburg-Henderson KAG on a £112m acquisition financing, and for longstanding client Bank of Scotland on restructuring an £88m facility for a care home portfolio. Hilary Platt’s ‘strengths include knowledge, commercialism and speed of response’, and Matthew Lindsay is ‘well connected and commercial’.
Davenport Lyons is ‘very responsive, and provides good support on deals and understanding of the sector’. It joined HSBC UK’s corporate panel, acting for the bank on numerous investment and development debt facilities totalling £100m. Judith Gershon is ‘excellent, with a wealth of experience; very proactive’.
Druces LLP has ‘in-depth knowledge and provides clear advice’. Derek Collinson is ‘particularly approachable, with a good understanding of property’.
Dundas & Wilson LLP advises Bank of Scotland/Lloyds Banking Group on restructuring, and also acts for Clydesdale Bank, Coutts and Bank of Ireland. Kenneth Maxwell is ‘very commercial and understands exactly what the client needs’, Ross Caldwell is ‘very able’, and Nick Padget is ‘very thorough’.
Finers Stephens Innocent LLP is ‘very knowledgeable about not only legal matters but also corporate requirements’. It gained a panel place for a key lender and advises a number of financial institutions. Graham Reid and Mark Johnstone are recommended.
Fried, Frank, Harris, Shriver & Jacobson (London) LLP’s Nigel Heilpern displays ‘deep knowledge; he is very commercial and extremely reliable’. Clients include Investec Bank, Morgan Stanley and Goldman Sachs.
Mishcon de Reya acts for Anglo Irish Bank, HSBC and RBS, and is a strong choice ‘when something is complex and requires a full spectrum of skills’. Nick Strutt is recommended.
Pinsent Masons LLP’s William Oliver is ‘excellent’, and associate Frances Mallender is ‘professional, with a personal approach’. In terms of deal volume and fee income, the firm is number-one adviser to HSBC’s real estate finance team.
‘Excellent, pragmatic and commercial’, Reynolds Porter Chamberlain LLP represented Clydesdale Bank on a £22m development finance loan for two new hotels. Gwyneth Macaulay is ‘hardworking and good with clients, and knows her subject’.