BCLP acts for Regent’s Crescent Group on over £350m of sharia compliant financings
International law firm Bryan Cave Leighton Paisner (BCLP) has advised Regent’s Crescent Property Holding (Lease B) Limited on a range of sharia compliant senior and mezzanine facilities in excess of £350m to finance its high-end Regent’s Crescent residential development.
The facilities, which will finance the redevelopment of the John Nash designed, Grade 1 listed, properties overlooking Regent’s Park into luxury apartments and mews houses include:
- a senior development facility of £295m;
- a mezzanine facility of £70m; and
- a mezzanine facility of £26.5m.
Real Estate Finance Senior Associate Payam Yoseflavi led the BCLP team advising Regent’s Crescent on the financings, assisted by Joanne O’Dea. Matthew Poole and Paul Williams provided tax advice. The BCLP team were also responsible for leading and managing the project’s other legal advisers: Eversheds Sutherland, who acted on real estate, Macfarlanes, who acted on construction, Herbert Smith Freehills, who acted on planning and Charles Russell Speechlys who acted on the residential apartment sales.
The transaction, one of the most complex Islamic financings ever undertaken by BCLP, further emphasises the firm’s market leading development finance reputation.
Sam Narula, Real Estate Partner and Client Relationship Partner for Regent’s Crescent, said: “We are delighted to have assisted the investors in Regent’s Crescent Property Holding (Lease B) Limited. Having acted on the original purchase of the site we have sought to assist the investors every step of the way with this unique and complex development. The team understood the importance of getting this finance in place as soon as possible and now we look forward to seeing this development come to life.”