BLP act on another landmark transaction for Tesco in its £5bn property financing programme

Berwin Leighton Paisner (BLP) advised Tesco, which has been a major client of the firm for over 30 years, on the latest Commercial Mortgage Backed Security (CMBS) issue in its £5bn programme of sales and leasebacks.

The £958.45m transaction – described by the Estates Gazette as the largest securitised bond issuance in Europe since 2007 – involved 41 Tesco stores in England, Wales and Scotland comprising more than 2m square feet of retail space and also included an equity sale into a joint venture with the Tesco Pension Fund.

It was the third Tesco CMBS in a series that BLP has advised on since June 2009 and there is thought to have been only one other CMBS transaction in the London market over this period. The proceeds will be used to help fund new property development projects, both in the UK and in international markets, in line with Tesco growth strategy.

BLP lawyers from across the firm – covering practice areas that ranged from financial services, securitisation, real estate, and tax – worked on the transaction led by corporate partner, David Robins.

David Robins said: “Working with Tesco on this series of transactions has helped further strengthen what was already a long-standing, very close working relationship. As a result, we are delighted that they have once again trusted our leading expertise in real estate, funds, securitisation and tax to support this initiative.”

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