Berwin Leighton Paisner acts on £103m Project Chrome acquisition
International law firm Berwin Leighton Paisner (BLP), acted for a joint venture between Development Securities Plc and The Pears Group on its £103m acquisition from NAMA of a portfolio of loans secured against 39 development and investment properties known as the “Chrome portfolio”. The Chrome portfolio consists of a mix of commercial and residential properties in the UK.
The transaction used innovative structuring and will allow the joint venture to realise the repayment of the loans through the sales and repositioning of the assets in the market through change of use, refurbishment works and other asset management initiatives.
BLP Real Estate Finance partner Andrew Flemming commented: “The Chrome deal was a highly complex and lengthy transaction which our clients successfully executed in this difficult market. We are really pleased to have grown our relationship with Development Securities and The Pears Group and this deal builds on our market leading experience of acting on the purchase and financing of distressed real estate debt portfolios.”
The BLP team was led by Real Estate Finance partner Andrew Flemming, Corporate Funds partners Antony Grossman and Kate Binedell, Real Estate partner Robert Bindless assisted by Gordon McMillan, Liron Meister and Elasah Mastin.
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