Bedell Cristin advises RBS on £130 million loan facilities
29 April 2013
Bedell Cristin acted, with DLA Piper UK LLP's Birmingham office, for The Royal Bank of Scotland plc in connection with facilities of £130 million made available to an acquisition vehicle established by Extra MSA Group to acquire M40 Oxford and M3 Fleet and seven other motorway service areas (MSAs) across the United Kingdom from Serena Properties (in Administration).
It means that Extra MSA Group now owns a total of 18 MSAs. Its tenant partners include Shell, BP, Welcome Break, Moto, McDonald's, KFC, M&S Simply Food and WH Smith, along with other major and popular brands.
The RBS Real Estate Finance team in Birmingham led on the deal for RBS.
The Bedell Cristin team was led by Jersey banking partner Mark Dunlop and included senior associate Malcolm Ellis and legal assistants Lauren Taylor and Ross Rennie. The team advised on all Jersey legal aspects relating to the transaction. Mark Dunlop commented:
"We are delighted to have assisted RBS with this significant transaction which enables the Extra MSA Group to consolidate its position as a leading landlord investor in motorway service areas."
In 2010 Bedell Cristin acted for The Royal Bank of Scotland plc and Barclays Bank plc in connection with syndicated facilities of £180 million made available to assist Extra MSA Group in its acquisition of an initial portfolio of MSAs.