BLP advises The Mall Fund on £286.3m open offer

Berwin Leighton Paisner LLP (BLP) advised The Mall Unit Trust and The Mall Limited Partnership, the UK’s leading owner and operator of community shopping centres, on a £286.3m open offer of new units in The Mall Fund.

The open offer, which was back-stopped by Norwich Union Life and Pensions Limited and CGNU Life Assurance Limited became unconditional on 19 June 2008 and is expected to complete on 27 June 2008.  The funds raised under the open offer will be primarily used to repay bank debt.

In connection with the open offer, The Mall Fund and its managers, Morley Fund Management Limited and Capital & Regional Property Management Limited,  are planning to establish an innovative corporate governance structure.  The transaction is thought to be the largest ever rights issue of an unregulated closed ended fund.

The BLP team was led by corporate finance partner, Antony Grossman, assisted by associates David McLeish, Joseph Kagan and Tamara Franks.  Finance partners Mark Waghorn and Tom Church led on the banking and securitisation aspects of the transaction.

Commenting on the deal, Antony said:

“We are delighted to advise on what we believe to be the largest ever rights issue of an unregulated closed ended fund.  The transaction due to financing constraints was completed in a short timeframe and has introduced a novel corporate governance structure for a fund of this kind.”

If you require any further information, please contact Antony Grossman at antony.grossman@blplaw.com.

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