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published JANUARY 20, 2010

SJ Berwin advises Matrix European Investment Trust Limited on asset sale and major European re-financing

International law firm, SJ Berwin has advised Matrix European Investment Trust Limited (MEREIT), the Pan-European Investment Company on its refinancing agreement with Lloyds Banking Group (LBG) in relation to all of the existing loans that MEREIT has with it, which will result in a single term loan facility for all LBG debt, maturing in January 2014, and simultaneously amended the financial covenants within both the facility and MEREIT’s Cross Currency Swap arrangements. A key element of the new facility will be a revised facility of Euro 292 million, reduced from the previous level of Euro 321 million, as a result of the sale of a property in Montpellier, the sale of another asset in Munster in February 2009 and existing cash resources. The sale in Montpellier for Euro 17 million was conducted simultaneously to the refinancing. The refinancing involved a total of eight jurisdictions as MEREIT owns properties in France, Germany, the Netherlands and Spain and there were Delaware, Guernsey and Luxembourg elements. Highlighting SJ Berwin’s European capabilities, the transaction involved SJ Berwin’s UK, French, German and Spanish offices, with Oostvogels and Boekel de Neree advising on Luxembourg and Dutch law respectively. The refinancing team was led by Corporate Real Estate partner David Ryland and associate Steven Cowins, and Head of Finance, Jeremy Cross, assisted by associates Susannah Black and Sarah Cox. Mark Manson-Bahr and Vanessa Pfeiffer of Allen & Overy advised the bank. The Montpellier disposal was led by Ann Ly Ky of SJ Berwin in Paris.