17 December 2007
17 December 2007 - Leading international law firm Mayer Brown's London real estate finance team has advised Allied Irish Banks, p.l.c. ("AIB") and Banco Santander, S.A. ("Santander"), London Branch in their capacity as joint arrangers and co-underwriters in relation to the financing of the purchase by Gardenprime Limited of the whole of the issued share capital in the companies that own 25 Canada Square, also known as the Citigroup Tower, in London's Docklands.
AIB and Santander jointly underwrote the senior debt of £875 million to assist in the purchase. The total consideration for the purchase was £1.025 billion, making this the second largest single asset property deal in the history of the UK real estate market.
The Mayer Brown team was led by London real estate partner Iain Thomas and finance partner Nigel White assisted by associates Sahba Akhavan, Dharini Collins and Emma Lawrence. Capital markets and derivatives advice relating to interest rate and rental income inflation swaps was provided by partner Ed Parker and assistant, Patrick Thielemans.
Jeremy Clay, Executive Partner and Head of Mayer Brown's Real Estate Group commented: "The real estate finance team at Mayer Brown is highly regarded. The team have a wealth of experience and expertise in the industry which they brought with them whilst working on this significant deal."
Iain Thomas, Partner of the Real Estate Group, commented: "This is a significant transaction for a very important client of the firm and we are very proud to have been involved in it."
For further information:
Partner, Real Estate Group
+44 20 7782 8949
PR Manager, London
+44 20 7782 8547