Simmons & Simmons and Allen & Overy (A&O) have advised on a major £1bn refinancing of the Meadowhall Shopping Centre in Sheffield.
Simmons banking partner John Davies advised British Land as the UK property investment company put in place a new finance structure that will permit £1.015bn of debt to be issued.
The debt was secured over cashflows from Meadowhall, valued at more than £1.6bn. The previous securitisation structure was relatively complex, but bondholder approval was received to make the package more flexible and provide less of a legal risk.
