Sidley advised Macquarie Asset Management on its clients’ investment in £400 million in notes related to a portfolio of commercial ground leases. The notes are secured against a portfolio of 55 ASDA supermarket sites across the UK. The innovative transaction enables ASDA Group to raise £400 million of alternative long-term financing while retaining its freehold property interests. The transaction also enables Macquarie Asset Management’s clients to gain exposure to a high-quality, long-term income stream from ground lease payments generated by the portfolio.

The Sidley team was led by partners Emilie Stewart (Finance) and Jade Williams-Adedeji (Real Estate), supported by partner Steve Quinn (Tax), as well as Jack Mayall and Michael Condlyffe (Real Estate); Rupert Wall, Azeem Sulemanji, Matilda Dolin, and Simon Nikolov (Global Finance); Fraser Tudor (Tax); and Rachpal Thind, and Tom Hunter (Financial Regulation).