The purchase was undertaken through a Jersey property unit trust and the National Bank of Dubai was one of the funding partners taking a significant stake through a special investment vehicle. The development is a substantial 325,000 sq ft office scheme, with a 20,000 sq ft cinema and 15,000 sq ft of high quality restaurant and retail accommodation. It is a 1.5 acre site in Hammersmith, West London.
Completion is expected in 2011. The redevelopment will have an estimated value on practical completion of c£250m.
Maples Teesdale advised Targetfollow, the large £1 billion plus development company (which owns Centre Point amongst other large buildings) on part of its £454 million refinancing. We advised on 4 of the 10 properties, which were part of the refinancing portfolio. Bank of Scotland were lending.
Acting for Lloyds TSB on various refinancing loans and mixed use development scheme funding during 2007. The development projects being financed range from circa £30 million to smaller scale development of £2 to £3 million.
Advising on refinancing existing debt for new borrowers. Typically these refinancing arrangements will be secured by first legal charges on commercial property with guarantees from third party directors/parent companies.
We acted for Alburn, the large Irish investor, in relation to a £40 million credit facility from NM Rothschild & Sons Limited. This was for the acquisition and development of commercial properties by Alburn. The security for the facility included first charges over the various Alburn properties and second charges over a number of other Alburn companies.
