Linklaters has advised Intu Properties plc, the UK’s leading shopping centre owner, on a £1.3bn multi-source refinancing. The proceeds, together with other available funds were used to refinance four of Intu’s flagship assets, including the Lakeside shopping centre.

The deal involved the creation of a ring-fenced security group within the Intu corporate structure, the establishment of a £5 Billion secured medium term note programme and a multi-source debt platform to allow Intu to raise secured capital markets and bank debt on common terms, together with the inaugural £800,000,000 bond issue under the programme, and contemporaneous drawdown of £350,000,000 of syndicated bank debt.

James Harbach, lead Partner, comments:

“This complex multi-source securitisation platform is a landmark transaction in the secured real-estate finance market. The flexible platform is very beneficial for Intu, allowing an expansion over time of the secured group structure and an ability to introduce new assets and raise debt or retire debt at the optimum times in the market. It will be of significant interest to others with large portfolios of commercial real estate looking to refinancing, unlock value or  gain access to long-dated and attractively priced bond debt to sit alongside working capital facilities or term bank debt.”

http://www.linklaters.com/News/LatestDeals/2013/Pages/Linklaters-advise…