BLP advises Land Securities and Frogmore on £195m loan on a joint venture for an Oxford Street Holding
International law firm Berwin Leighton Paisner (BLP) has advised *Oriana Limited Partnership (Oriana), on a new £195m loan from The Royal Bank of Scotland Plc, DekaBank Deutsche Girozentrale and ING Real Estate Finance (UK) B.V.
The loan is secured by properties at the eastern end of Oxford Street and is being used to refinance existing indebtedness and redevelop part of the property.
Land Securities commented: “Our investment has already transformed the east end of Oxford Street with an exciting new retail offer. This new refinancing now means that we can take our plans to the next level.
In addition, Eric Roseman of Frogmore said: “Now that the refinance structure is in place, it allows Oriana to further develop the property, and continue with its plans to regenerate the area. It is an exciting time for Frogmore to be involved in prime retail space and demand for the space is high with the completion of Cross Rail scheduled for 2017.”
Real Estate Finance Partner, Jo Solomon led the BLP team advising on the transaction. Jo was assisted by Jorge Page, Payam Yoseflavi and Katie Parkinson on the real estate finance arrangements. Carl Schaffer advised on the hedging elements and Gillian Gall advised on the tax issues.
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*Oriana Limited Partnership is a 50/50 joint venture between Land Securities and Frogmore Real Estate Partners LLP