The investment funds team at Lawrence Graham has advised GCP Sovereign Infrastructure Debt Limited on its initial public offering, raising U.S.$125 million by way of a placing and offer for subscription. GCP Sovereign Infrastructure Debt Limited’s shares were admitted to trading on the Specialist Fund Market of the London Stock Exchange in late December 2013.
GCP Sovereign Infrastructure Debt Limited, which is advised by Gravis Capital Partners LLP, has an investment objective of providing investors with regular, sustained, long term distributions and the preservation of capital value by investing, directly or indirectly, in subordinated infrastructure debt issued by sovereign-backed infrastructure project companies, their owners or their lenders and assets with a similar economic effect, primarily located in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The company may also invest, directly or indirectly, in the senior debt of such borrowers and related/and or similar assets.
The Lawrence Graham team which advised GCP Sovereign Infrastructure Debt Limited was led by corporate partner Oliver Riley with assistance from senior corporate associate Kristian Rogers and corporate associate Sam Lester. The corporate tax team included partner Elliot Weston and associate Kate Worthington.
The financial adviser and lead bookrunner to GCP Sovereign Infrastructure Debt Limited was Cenkos Securities plc with Exotix Partners LLP (Dubai Branch) as co-bookrunner.
Oliver Riley said: “We are delighted to have advised on the initial public offering of a second fund managed by Gravis Capital Partners within eight months of the launch of GCP Student Living plc. The successful fundraising is testament to Gravis Capital Partner’s reputation and track record and the attractiveness of the asset class.”
The GCP Sovereign Infrastructure Debt Limited initial public offering follows a busy period for the investment funds team in respect of transactions involving Gravis Capital Partners LLP. In May 2013, the team advised GCP Student Living plc, the UK’s first Real Estate Investment Trust focused on student residential assets, on its £70 million initial public offering and listing on the Specialist Fund Market of the London Stock Exchange and in December 2013 advised GCP Student Living plc on the acquisition of a purpose-built, private student accommodation residence located adjacent to Royal Holloway, University of London, in Surrey.
