London — Mayer Brown has acted for Bank of America Europe DAC as arranger and lender in connection with a €335.4m pan-European senior loan, secured over a portfolio of urban logistics assets, with Blackstone as sponsor.
The senior loan is backed by 61 assets across six European countries, namely Germany, France, the Netherlands, Ireland, Finland and Denmark, and will be used to refinance the existing debt and acquisition debt of the borrowers. The assets form part of Blackstone’s Mileway platform, which is Europe’s largest owner of last mile logistics real estate assets. Mezzanine funding was provided by a global asset management firm.
Separately, and in addition, Mayer Brown advised Merrill Lynch International, BNP Paribas and Société Générale as joint arrangers, joint bookrunners and joint lead managers in respect of an innovative pan-European CMBS of the same senior loan advanced by Bank of America Europe DAC for Blackstone. Bank of America will hold the risk retention piece of the transaction. The CMBS transaction is the first multi-jurisdictional CMBS of its kind in the European market.
The multi-office, multi-practice team was led by Banking & Finance partner David O’Connor, who was assisted by Banking & Finance — partner Andy Crotty, senior associate Ed Radbone, associates Eoin Hamill, Stefano Damiani, Chandon Chahal and Tax Transactions & Consulting — partner Matthew Mortimer (all London). German law advice was provided by Banking & Finance — partners Martin Heuber and Andreas Lange and associate Juliane Thon, Real Estate — of counsel Elmar Günther, and Tax Transactions & Consulting — partner Volker Junge. French law advice was provided by Banking & Finance — partner Francois Regis Gonon, senior counsel Hervé Kensicher and associates Stephane Joly, Elise Baha, Bassem Caradec and Sarah Rahmoun. In addition, Charlotte-based Banking & Finance partner Eric Reilly provided US securitisation regulatory legal advice.
Mayer Brown also advised U.S. Bank Trustees Limited as note trustee and security trustee. Mayer Brown’s agency team was led by corporate trust & agency of counsel Gary Silverman, who was assisted by senior associate Treasa Duffy.