Global law firm Eversheds has advised Legal & General Investment Management on a new £120 million, 10 year debt facility to Bruntwood, the Manchester-based, family-owned commercial property company which owns and manages over 100 UK office buildings.
L&G’s fixed rate loan will partially pre-pay the maturing Bruntwood CMBS, issued by the Royal Bank of Scotland in November 2006, as part of a wider refinancing by Bruntwood.
This transaction represents L&G’s second real estate debt financing deal, following on from the successful £121 million loan to UNITE Group, the UK’s largest developer and manager of student accommodation.
The Eversheds team was led by Partners Nick Swiss and Nick Bartlett. Nick Bartlett commented:
“This is a great deal for all concerned and demonstrates L&G’s desire to develop its real estate lending business. We look forward to advising Legal & General on further deals.”
Graham Rouse, Commercial Real Estate Lending Manager at Legal & General, said: “Another significant and sizeable deal, this is the successful conclusion of several months’ close discussions and demonstrates our ability to lend to dynamic property companies with complex portfolios.”
