BLP act in relation to £290m term facility provided to a joint venture between LandSec and Capital Shopping Centres by a banking club led by Westdeutsche ImmobilienBank AG, London Branch

Berwin Leighton Paisner (“BLP”) acted for St. David’s Limited Partnership, a joint venture between Land Securities Group PLC and Capital Shopping Centres PLC, in relation to a £290,000,000 term facility provided by Westdeutsche ImmobilienBank AG, London Branch, acting as facility agent and lender, together with DekaBank Deutsche Girozentrale, Eurohypo AG, London Branch and Nationwide Building Society as lenders.

The finance package is being provided to refinance the cost of acquisition and development of the St David’s and St. David’s 2 shopping centres in Cardiff, which together will cover around 1.4 million square feet creating a stunning new retail destination, one of the largest in the UK. The new ‘St David’s 2’ development, a landmark £675 million, 967,500 sq ft (89,891 sq m) development in the heart of Cardiff, will bring new stores, cafes, bars, restaurants and luxury residential apartments to the heart of Cardiff, as well as enhanced public areas and facilities, a new central library and a modernisation of the existing St David’s Shopping Centre.

Commenting on the facility, Land Securities Group Finance Director Martin Greenslade said:

“We are pleased to have completed this fund raising for an asset held outside our Security Group.  The cash raised increases our flexibility to take advantage of opportunities as the cycle turns and takes us closer to meeting our aspiration to pay down debt within our secured debt structure at the right time.”

Ian Durant, Finance Director of Liberty International, commented:

“We are pleased that the St David’s Limited Partnership has secured debt on the St. David’s Shopping Centre, Cardiff. This is Capital Shopping Centres’ biggest development and one of the UK’s largest city centre retail schemes attracting new retailers to Wales. Despite significant challenges in credit markets the transaction demonstrates that debt finance is available for high quality UK regional shopping centre assets.”

St David’s Limited Partnership was advised on the debt side by BLP. The BLP team was led by Jo Solomon (Real Estate Finance partner) and assisted by Shyami Rajalingam, Emma Stapleton and Liz Bailey.

Nabarro advised on property matters and Herbert Smith advised on construction matters.

The banking club was advised by Allen & Overy LLP.

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