What we are seeing in the Real Estate Finance market is in the
large part a continuation of the theme of forbearance and support.
Where sponsors are willing to pro-actively engage, their financiers
are taking a broader and more long-term view in light of prevailing
market conditions.
There are high profile restructurings taking place, but
predominantly in the retail sector – we have acted in the
restructurings of high street clothing retailer, New Look and the
world's largest foreign exchange bureau Travelex, along with a
number of active matters in the office space, shopping centre and
hotel sectors – but they remain the exception rather than the
rule. In many cases, again by reference largely to real estate
holding structures where offshore entities are most common place,
financiers are taking advice on pre-enforcement steps, including
enforcing offshore security as a genuine alternative to enforcing
property security, but typically more with a view to
