BLP acts for Development Securities on £40m acquisition
International law firm Berwin Leighton Paisner (BLP) acted for Development Securities in relation to a £40m acquisition of a portfolio of bank loans, secured against 17 investment and development assets located in London and the South East of England. The repayment of the loans is anticipated through the sale of the underlying property assets.
This transaction is the second deal in as many months that BLP has closed for Development Securities following the successful acquisition of the Chrome portfolio from NAMA by a joint venture between the Pears Group and Development Securities.
BLP Real Estate Finance partner Andrew Flemming commented: “We are delighted to have grown our relationship with Development Securities by acting on these two challenging loan acquisitions. Our broad experience in the real estate loan acquisition market allowed us to close the deal in a very tight time frame.”
BLP has acted on the acquisition, disposal and financing of several loan portfolios in recent months including for The Royal Bank of Scotland plc, Goldman Sachs and Barclays Capital.
The BLP team was led by partners Andrew Flemming and Robert Bindless assisted by Pamela Watson and Marie-Claire Lowry.
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