Slaughter and May is advising UK Asset Resolution (UKAR) on the sale of a £13bn asset portfolio to Cerberus Capital Management.

The sale comprises performing and non-performing residential mortgages and unsecured loans from the legacy book of NRAM, the former Northern Rock mortgage business. Due to the complex nature of the Granite securitisation programme created by Northern Rock, the transaction has been structured in such a way that, subject to regulatory approval, Cerberus will purchase NRAM plc.

CONTACTS

Financing: Guy O'Keefe (partner), Ivo Stourton (associate), Steve Dempsey (associate), Anthony Phillips (associate), Stephen Fishbourne (associate), Charlie McGarel-Groves (associate); Corporate: Craig Cleaver (partner), Mark Bennett (partner), Jenny Buckley (associate), Giles Rabbitts (associate), Kurt Ma (associate), Christopher Tolley (associate), Heather Flemming (associate); Tax: Gareth Miles (partner), Ed Milliner (associate), Charles Osborne (associate); Dispute Resolution: Elizabeth Barrett (partner), Nicholas Chandler (associate); Competition and State Aid: Isabel Taylor (partner), Elena Prattent (associate); Financial Regulation: Ben Kingsley (partner), Helen McGrath (associate), Jonny Medland (associate); Pensions: Sandeep Maudgil (partner), Katherine Flower (associate), Phil Linnard (associate); Real Estate: Tim Meade (associate).