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Nabarro advises Great Portland Estates on £90m financing of ITN building

19 January 2016

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro has advised longstanding clients, Great Portland Estates plc (GPE) on a new £90 million loan with RBS and Crédit Agricole CIB for one of their joint vehicle ventures, the Great Ropemaker Partnership (GRP).

The new loan is secured on GRP's long leasehold interests at 200 & 214 Gray’s Inn Road, London WC1, a landmark building in Midtown and home to ITV’s News at Ten. The new loan has an initial loan to value of approximately 41% and an all-in coupon of 2.67% for the duration of the loan, significantly below the 4.52% coupon of the previous £73m loan advanced in 2011.

The Nabarro team was led by Banking partner, Mike Delaney who was assisted by banking associates Graham Haselgrove and David Paterson and trainee Tom Gay. Real Estate partner Caroline Maude led on property matters and was assisted by Chris D’Emanuele with tax associate Lauren Lenz providing tax support.

Mike Delaney said:
“It has been a pleasure working with the team at GPE and helping them complete a deal that substantially reduces their finance costs.”

Martin Leighton, head of corporate finance at GPE, commented:
“We are very pleased with this competitively priced new loan which has been provided by two of our key relationship banks. The Nabarro team performed very well throughout the transaction which was successfully carried out within a very tight deadline.”

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Mike Delaney
Mike Delaney