Clifford Chance advises Goldman Sachs and Citi on landmark £704 million NEC Group CMBS securitisation and capex financing

Global law firm Clifford Chance has advised Goldman Sachs and Citi as mandated lead arrangers, joint arrangers, joint lead managers and joint bookrunners on the refinancing of the Blackstone-backed National Exhibition Centre Group (NEC Group), one of the UK’s largest live events and venue operators, through a £653 million agented commercial mortgage-backed securities (CMBS) financing by Arena Finance Securities DAC and a £51 million capex facility to an entity of the NEC Group. The financing is secured against the NEC Group’s portfolio of flagship venues in Birmingham, including the National Exhibition Centre, the International Convention Centre, the Vox Conference Centre, the Utilita Arena Birmingham and bp pulse LIVE. The transaction further demonstrates investor appetite for CMBS secured over high-quality operational real estate assets.

The transaction involved both the origination of the loan level financing as well as its securitisation through an integrated CMBS structure. This transaction further demonstrates Clifford Chance’s market-leading capabilities across complex real estate finance and securitisation transactions and builds on the firm’s track record advising on flagship European CMBS and structured finance transactions.

The cross-practice team was led by Partners Will Sutton and Barry O’Shea, with support from Senior Associates Neelasha Nemani and Veronica Galbraith and Associates Yaser Razouk, Charlotte Lam and Ella-Rae Coleby. Alongside them, Matt Lyons (Partner) advised on US securities law aspects, Jemma Dick (Partner) and Gordon Hopkinson (Director) on UK tax aspects, Avrohom Gelber (Partner) and Michaela Morr (Counsel) on US tax aspects, Paul Koppel (Partner) on ERISA matters and Ian Painter (Partner) and James Law (Senior Associate) on real estate matters.

Press contact: Emma Cessford