London - Mayer Brown has advised Värde Partners on a £203.1 million CMBS transaction secured against commercial property assets located throughout the United Kingdom.

The transaction involved the issuance by Magni Finance DAC of five tranches of Notes, each listed on the Irish Stock Exchange. The Senior Notes have been rated by Fitch and DBRS.

The offering was also structured as a Rule 144A issuance to enable distribution to US investors.

The team was led by London structured finance and securitisation partner David O'Connor and included Banking & Finance partners Kevin Hawken (London) and Eric Reilly (Charlotte), of counsel Nanak Keswani (London), senior associates Noman Ali and Ronan McNabb (both London) and associates Bourn Collier, Kunel Tanna (both London) and Nikolas Ortega (Charlotte); Real Estate partner Chris Harvey, senior associate Iain Roberts and associate Sam Harris (all London); Restructuring, Bankruptcy and Insolvency of counsel Richard Ziegler (Chicago); and Tax Transactions & Consulting partner Sandy Bhogal and senior associate Ben Fryer (both London).

The Magni Finance transaction builds on Mayer Brown’s work in the CMBS sector during 2015, including advising Bank of America Merrill Lynch as arranger in relation to the €145 million multi-loan pan-European Taurus 2015-3 EU CMBS transaction, Morgan Stanley as arranger in relation to the £120 million Midas Funding UK plc CMBS transaction and acting for Citigroup (as arranger) and Citigroup and Lloyds Bank plc (as joint lead managers) on the £100 million Odin Finance CMBS transaction.