- One of 2016's largest European lending deals
Global law firm Norton Rose Fulbright has advised Invesco Real Estate on the €1 billion financing of a portfolio of its European properties. Aareal Bank AG acted as lenders on the transaction.
The facility comprises initial loans totaling €610 million, which will be used to refinance a portfolio of properties located in UK, Spain, France, Germany, Italy, the Netherlands and Poland. The financing also provides Invesco with an accordion facility of up to another €390m to enable it to expand the portfolio throughout those jurisdictions.
Duncan Hubbard, real estate finance partner, Norton Rose Fulbright, comments:
“Against the backdrop of a challenging and uncertain market, we are delighted to be able to bring this transaction to successful close, which will enable Invesco to expand its portfolio. The large and complex financing spanned seven jurisdictions and entailed close cooperation with parties involved to ensure we got it over the line within the required timeframe.”
The international Norton Rose Fulbright team was led by Duncan Hubbard, a prominent adviser in the European real estate finance market with over 20 years’ experience. The team also included: in London, Nick Clayson and William Lo; in Amsterdam, Wouter Hertzberger and Gino Bell; in Milan, Arturo Sferruzza and Marcello Ciampi; in Munich, Andrea Spellerberg, Anne Lengtat and Oliver Paasch; in Paris, Jean-Pascal Bus and Florian Aïn; and in Warsaw, Grzegorz Dyczkowski and Tomasz Rogalski.
The firm’s leading real estate finance practice remains at the forefront of the sector with this deal following a string of significant transactions for Invesco across the UK, Europe and the US over the last 18 months.
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