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).
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.