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11 May 2023

Stephenson Harwood acts as lead legal advisor to LXi REIT on £773 million refinancing

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Law firm Stephenson Harwood LLP has acted as the lead legal advisor to LXi REIT plc on its recent £773 million debt refinancing.

LXi REIT is a specialist inflation-protected long income real estate investment trust, which is listed on the FTSE 250. Its property portfolio consists of properties across a wide range of sectors, including: leisure, healthcare, hotels, food stores, industrial and education.

LXi REIT's refinancing comprised three elements: a £565 million facility with a syndicate of lenders; a £148 million loan with insurer Canada Life; and the extension of its current £60 million loan with HSBC. Stephenson Harwood was the lead legal advisor across all aspects of this transaction, including debt finance, real estate, corporate and tax. The team worked on the new borrowings, redemptions and group restructuring, as well as providing and overseeing the real estate due diligence on the circa 200 property portfolio.

The Stephenson Harwood team was led by finance partner Daniel Margolis and real estate partner Simon Brading, who were supported by finance managing associate David Harris and associates Tom Driscoll, Adam Hardy and Priya Dasani and real estate consultant Stewart Scott and associates Gideon Caplin and Anna Prebble. Partner William Saunders and corporate managing associate Victoria Silver, and tax partner Kate Worthington and associate Alex King, advised respectively on company and tax aspects of the transaction.

The refinancing further solidifies Stephenson Harwood's presence in the listed funds sector led by corporate partner William Saunders, and its relationship with LXi REIT, which the firm most recently advised in relation to its 2022 merger with Secure Income REIT plc.

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KEY CONTACT

Simon Brading

Simon Brading
Partner and head of real estate

T:  +44 20 7809 2525 M:  +44 7557 284 641 Email Simon | Vcard Office:  London

Daniel Margolis

Daniel Margolis
Partner

T:  +44 20 7809 2049 M:  Email Daniel | Vcard Office:  London

William Saunders

William Saunders
Head of funds and financial services

T:  +44 20 7809 2138 M:  +44 7770 721 429 Email William | Vcard Office:  London

Kate Worthington

Kate Worthington
Partner

T:  +44 20 7809 2391 M:  +44 7702 158 148 Email Kate | Vcard Office:  London

Tom Driscoll

Tom Driscoll
Managing associate

T:  +44 20 7809 2617 M:  +44 7701 399 744 Email Tom | Vcard Office:  London

David Harris

David Harris
Managing associate

T:  +44 20 7809 2769 M:  +44 7736 487 416 Email David | Vcard Office:  London

Victoria Silver

Victoria Silver
Managing associate

T:  +44 20 7809 2190 M:  Email Victoria | Vcard Office:  London

Gideon Caplin

Gideon Caplin
Associate

T:  +44 20 7809 2222 M:  +44 7435 890 846 Email Gideon | Vcard Office:  London

Priya Dasani

Priya Dasani
Associate

T:  +44 7584 549 276 M:  Email Priya | Vcard Office:  London

Adam Hardy

Adam Hardy
Associate

T:  +44 20 7801 4173 M:  +44 7881 035 434 Email Adam | Vcard Office:  London

Anna Prebble

Anna Prebble
Associate

T:  +44 7584 447 217 M:  Email Anna | Vcard Office:  London

Stewart Scott

Stewart Scott
Consultant

T:  +44 7711 344 985 M:  Email Stewart | Vcard Office:  London

MEDIA CONTACT

Rose Charteris

Senior communications & PR executive

T: +44 20 7809 2961 
Email Rose

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