Standard Life Investments European Property Growth Fund LP has signed a €150.7m refinancing deal with Crédit Agricole Corporate and Investment Bank, a leading French bank. The deal will take the form of a senior credit facility.
This new facility will improve the fund’s financing conditions, give it greater flexibility to manage its strategy and reduce its overall leverage, in line with its medium term objectives.
It will be backed by 11 properties located in France, Belgium and Germany and run for three years with an option to extend for a further two years.
Standard Life Investments was assisted by Herbert Smith Freehills and Crédit Agricole CIB worked with Linklaters and Oudot (Anne-Hélène Garnier)
Herbert Smith Freehills advised Standard Life Investments on all of the French aspects of the refinancing.
The Herbert Smith Freehills team was led by partner Eric Fiszelson, assisted by Yasmine Haghighi and Orane Mikolajayk. Jérôme Le Berre, of counsel, advised on tax aspects. French notary firm Attal (Jean-Michel Attal) assisted Standard Life Investments with the notarial aspects of the deal.
The Linklaters team was led by Olivier Jauffret, partner (Banking), Françoise Maigrot, partner (Real Estate), and Thomas Perrot, partner (Tax).
