PICTS plc (HBOS) - October 2004

Jonathan Rigby, Robert Hickling and Simon Felton advised in relation to the securitisation of rental streams from Halifax’s landmark office property in the heart of the City. The deal featured a long term lease, with fixed annual rent increases, to a highly rated tenant – HBOS. There was no need for a liquidity facility because of HBOS’s own extensive cash management expertise.