Linklaters advises banks on a new agented CMBS for Mileway UK

Linklaters has advised Barclays Bank PLC, BNP Paribas, SMBC Bank International plc, Standard Chartered Bank and Wells Fargo Securities International Limited in connection with the issuance by UK Logistics 2026-4 DAC of £982,200,000 commercial mortgage-backed floating rate (CMBS) notes due 2036. Barclays Bank PLC acted as Arranger, with Barclays Bank PLC, BNP Paribas, SMBC Bank International plc, Standard Chartered Bank and Wells Fargo Securities International Limited acting as Joint Lead Managers and Joint Bookrunners. Linklaters also advised Barclays on the underlying loan and diligence on the portfolio.  

Mileway is the largest last mile real estate company in Europe, with properties across 10 countries providing last mile space for businesses to grow sustainably. The proceeds of the Notes, together with an issuer loan advanced by Barclays Bank PLC as the risk retaining entity, was used by the Issuer to acquire 100% of the underlying loan advanced to Mileway UK by Barclays Bank PLC. The loan is secured against a portfolio of logistics and industrial properties located throughout England, Wales and Scotland. Application has been made for the Notes to be admitted to the Official List and to trading on the Global Exchange Market of Euronext Dublin.

The international cross-practice Linklaters team was led by Partners Adam Fogarty (Structured Finance/CMBS) and Scott Simpson (Real Estate Finance). The team included Managing Associates Tom Monk and Theo Zhang, Associates Ekaterina Pakerova and Ella Vries as well as Trainees Nadine Matani and Omar Hamdy. US Partner John Hwang and Associate Caleb Adebayo advised on the 144A/US Securities law aspects. The team was also supported by Siobhan Burton (Partner, Real Estate), Alex Weatherby (Managing Associate, Real Estate), Hannah O’Malley (Managing Associate, Real Estate), Rhian Parker (Partner, Tax) and Eoghan McKenna (Associate, Tax). 

Adam Fogarty comments: 

“Once again our market-leading Real Estate Finance and CMBS teams have advised our clients on one of their highest value and most complex CMBS deals.”