Project Venus - September 2006

Robert Hickling, Michaela Hamilton and Stephanie Cope advised Morley in relation to a refinancing by way of a "tap" to the original securitisation (which completed in April 2005) of the rental streams relating to various UK commercial properties.

The structure involved the issue of a further £375,000,000 commercial mortgage-backed floating-rate notes by The Mall Funding PLC. The collateral was increased from 20 shopping centres to 24 shopping centres located throughout the U.K. Barclays were liquidity provider. Mourant worked with Berwin Leighton Paisner and Freshfields.