Macfarlanes LLP has advised European Land on the debt financing of the development of the Carmine Building at Merchant Square, Paddington, where Marks & Spencer have taken a pre-let of approximately 170,000 sq ft of the 275,000 sq ft office building. European Land is a joint venture between the Reuben brothers and the Jarvis family. Debt financing (in excess of £100 million) was provided by Deutsche Postbank AG and Landesbank Hessen-Thüringen Girozentrale.
Orla MacSherry, who led the Macfarlanes team, commented: “This was our first financing deal for European Land. We were delighted to have been involved in the successful completion of a development financing in the current challenging market conditions.”
Advisers
The Macfarlanes team advising European Land on debt financing was led by Orla MacSherry assisted by Nick Strutt.
Nabarros LLP advised European Land on property and construction matters (led by Terry Fleet)
Taylor Wessing advised the banks (led by Rodney Dukes)