Olswang advises London & Associated Properties on complex £45m facility

International law firm Olswang has advised London & Associated Properties (LAP), the listed UK shopping centre and central London retail property investor, on its recent complex £45m senior and mezzanine facilities from Santander and Europa Capital Mezzanine, the first time LAP has borrowed from either lender.

John Heller, Chief Executive of LAP, commented: "Olswang played a key role in delivering this transaction for LAP and the commitment of the team was outstanding. We are delighted to have completed the final step in addressing the company's legacy loan and derivative positions. LAP is now better positioned to take advantage of market opportunities both for direct investment and joint venture asset management."

Commenting on the deal, Ruth Marken, partner in the Real Estate Finance Team, added: "Given the structural subordination required by the senior and mezzanine lenders, it was an extremely complex transaction, but we were delighted to use our expertise in the sector to work with such a well-established retail property specialist as LAP on this key refinancing."

The Olswang team included Finance Partner Ruth Marken, Tax Partner Graham Chase, associates Oliver Ellington and Elizabeth Emerson and paralegal Doyin Olugbemiga.