Epic (Caspar) plc - October 2004

Separate teams led by Jacqueline Richomme, Cyman Davies and Robert Hickling advised on transaction structured by RBS and Henderson. It raised over £500 million through securitisation techniques. The collateral was a diverse pool of 61 industrial office and retail properties, with rental flow coming from 300 tenants. The largest single exposure was around 9% of the portfolio. There was a very low vacancy rate in the portfolio and lease terms were 9-11 years. The transaction benefited from interest rate hedging, a liquidity facility and healthy over collateralisation.

The structure was very demanding for MFJ and MIFA because there were over 40 Jersey companies / unit trusts involved in the property holding structure.