Fladgate LLP has advised a group of companies held by Camden Market Holding Corp (Camden Market) in connection with a refinancing facility with affiliates of the Japanese investment bank, Nomura International Plc (Nomura), advised by Ashurst LLP. The total banking facilities provided by Nomura are in excess of £230m and comprise senior and mezzanine “packages”.
The group’s debt facility was previously with the Irish Bank Resolution Corporation (IBRC).
The transaction was particularly complicated as the security comprised the borrower’s underlying large property holdings. These include:
Fladgate LLP dealt with all the legal aspects of the exercise for Camden Market including real estate, planning, construction, real estate litigation, banking, tax and corporate. The cross-firm team included:
Ashurst LLP advised on all finance, corporate and real estate aspects of the transaction on behalf of Nomura. The team was led by partners Melanie Jordan on real estate and Sarah Watkinson on finance, assisted by a large team of solicitors.
Herbert Smith Freehills, led by banking litigation partner, Damian Byrne-Hill, was also involved in facilitating an agreement with IBRC for which Linklaters and Taylor Wessing acted.
Fladgate relationship partner, Gideon Dabby-Joory, commented: “This is one of the most complex transactions on which Fladgate has advised in recent years. Given the size and complexity of the sites (both of which are crossed by railway viaducts and tracks), the due diligence process and the negotiation of the banking documentation have taken the best part of 6 months. We are delighted to have been able to assist in securing this facility for our long-standing client and we look forward to working with the Camden Market team as they progress their plans to implement the development of Camden Lock Village.”