Image of Steve Smith

Steve Smith

Banking Partner, London

“I have been active in real estate finance for over 14 years, including working in the commercial real estate team at a leading investment bank, giving me genuine insight into the client’s perspective. I work for a wide variety of clients across the spectrum, but have a particular interest in more structured transactions and ensuring these are completed in a pragmatic and commercial manner.”

Overview

Professional experience

Education and qualifications

Overview

As head of the firm’s real estate finance practice, Steve specialises in real estate finance transactions of all kinds, with a particular focus on more structured and/or distressed transactions. He is also co-head of the firm’s real estate sector.

Steve has extensive experience advising both creditors (including banks and funds) and debtors on multidisciplinary and cross-border real estate finance transactions in the most demanding circumstances. Steve developed market-standard inter-creditor terms and principles used in mezzanine finance deals.

Steve was based in the firm’s Singapore office from 2000 to 2003 and in the firm’s Frankfurt office from 2003 to 2005. After moving back to London in 2005, Steve joined, J.P. Morgan for an 18 month period from 2007-2008, where he worked as an investment banker, originating and executing commercial real estate deals. The experience gained working in a leading investment bank during the height of the credit crisis was invaluable.

Work highlights
  • TH Real Estate in its capacity as arranger and TIAA in its capacity as senior lender in connection with a facilities agreement between, among others, OSM Limited as borrower, TH Real Estate Limited as arranger and CBRE Loan Services Limited as agent and security agent.
  • Prologis as the borrower of an investment and development facility agreement provided by Deutsche Pfandbriefbank for the purposes of acquiring and developing multiple industrial / distribution properties in England.
  • Chariot Group BV and its subsidiaries on the financing of the acquisition of a real estate portfolio from funds managed by Ares Management L.P., AXA Investment Managers – Real Assets and Apollo Rida.
  • LaSalle Investment Management as Agent and Security Agent in connection with a mezzanine facility agreement, secured by way of five properties located in Germany.
  • the lenders in respect of the financing of the acquisition by Global Student Accommodation of a Spanish student accommodation portfolio, operating business and brand from Oaktree.
  • Tyndaris and Castleforge as Mezzanine Lenders in respect of the mezzanine-level financing of a Luxembourg company ultimately acquiring the interest held in the office building at 1 Portsoken Street, E1.
  • LaSalle as Mezzanine Lender in respect of the mezzanine-level financing of a Luxembourg company owned by Blackstone, ultimately acquiring the interest held in the Livingston Designer Outlet Centre in Scotland.

Professional experience

Steve is an active member of the Loan Market Association, and has been a member of various LMA committees at different times.

 

Steve is a patron of AbleChildAfrica, a charity that supports disabled children in Africa.

 

Written publications: Two chapters in LMA – “The REF Intercreditor Agreement”  and “The Role of the Intercreditor Agreement and Mezzanine Finance in REF Transactions”

Education and qualifications

Steve studied law and history at the Victoria University of Wellington, New Zealand.