Linklaters has advised Barclays Bank PLC, Wells Fargo Securities International Limited and Standard Chartered Bank in connection with the issuance by UK Logistics 2026-2 DAC of £616,398,000 commercial mortgage-backed floating rate (CMBS) notes due 2036. Barclays Bank PLC acted as Arranger, with Barclays Bank PLC, Wells Fargo Securities International Limited and Standard Chartered Bank acting as Joint Lead Managers and Joint Bookrunners. Linklaters also advised Barclays on the underlying loan and diligence on the portfolio.
The proceeds of the Notes, together with an issuer loan advanced by Barclays Bank PLC as the risk retaining entity, was used by the Issuer to acquire 100% of the underlying loan advanced to Mileway UK by Barclays Bank PLC. The loan is secured against a portfolio of logistics and industrial properties located throughout England, Wales and Scotland. Application has been made for the Notes to be admitted to the Official List and to trading on the Global Exchange Market of Euronext Dublin.
The international cross-practice Linklaters team was led by Partners Adam Fogarty (Structured Finance/CMBS) and Scott Simpson (Real Estate Finance). The team included Managing Associates Tom Monk and Theo Zhang, Associates Anita Bayraktar and Ella Vries as well as Trainees Nadine Matani and Rishika Daswani. US Partner John Hwang and Associate Caleb Adebayoadvised on the 144A/US Securities law aspects. The team was also supported by Siobhan Burton (Partner, Real Estate), Hannah O’Malley (Managing Associate, Real Estate), Rhian Parker (Partner, Tax) and Eoghan McKenna(Associate, Tax).
Adam Fogarty comments:
“The CMBS market has experienced strong activity within the last 18 months. We are delighted to continue to advise our clients with our market-leading REF and CMBS teams on some of their highest value and most complex CMBS deals.”
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