International law firm Freshfields Bruckhaus Deringer has advised DUKE Real Estate Limited on the refinancing of its €1.1 billion debt facilities. The refinancing extends the term of DUKE’s debt facilities to December 2016.

DUKE is a 50/50 real estate joint venture between Valad, the European multi-let real estate investment manager, and Lloyds Banking Group. It was created in July 2009 initially for a three-year term and its portfolio comprises more than 100 multi-let office, industrial and retail properties located across the UK and Continental Europe. 

The Freshfields team advising on the transaction was led by finance partner David Trott who was assisted by Paul Ingram, Louise Asbridge, Myriam Soper, Susan Wamanga-Wamai, Marta Szablewska, Tom Van Hoof and Blair Carlyle. Corporate partner, Robert Stirling and associate Jessica Boen, real estate associate, Quynh Nguyen and competition associate, Anna Biganzoli also advised. 

Commenting on the deal, Freshfields partner David Trott said: ‘Following our involvement in DUKE’s structuring in 2009, we are delighted to have worked closely with the Valad team to achieve this refinancing. The extension until 2016 will enable returns to the DUKE joint venture to be maximised through continuing income growth and the completion of further asset management initiatives’