BLP act on latest CMBS for Tesco
Berwin Leighton Paisner (BLP) advised longstanding client Tesco Plc on the latest in a series of six CMBS transactions since 2009 in which Tesco has released value from its property portfolio.
The transaction, raising in excess of £490m, is a credit-tenant linked securitisation of a commercial mortgage loan, secured on four trading stores and three mixed-use sites under development in Gateshead, West Bromwich and Sunderland, each anchored by a Tesco store. The mixed use sites also comprise retail, leisure, offices and student accommodation.
Led by finance partner, Emma Howdle-Fuller, the BLP team included lawyers from finance, corporate finance, real estate and tax.
Emma Howdle-Fuller said: “This has been one of the more interesting transactions in this series given the three sizable mixed-use schemes which are currently under development.”
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