Senior Pensions Consultant
31 Oct 2019 | 10:00 am | 2 min. read
International law firm, Pinsent Masons, has advised HSBC, Barclays and Natwest on their new, five year, £450m revolving credit facility to Derwent London plc, the largest London-focused Real Estate Investment Trust (REIT).
The financing includes a ‘green’ tranche of £300 million, making it the first revolving credit facility provided to a UK REIT that meets the Loan Market Association Green Loan Principles (“Green Loan Principles”).
The green tranche is available to fund activities that satisfy the criteria set out in Derwent’s newly established ‘Green Finance Framework’ (the “Framework”). This describes the Group’s sustainability objectives and outlines how Derwent intends to fund projects that will deliver first class working, amenity and outdoor spaces, improved energy efficiency and reduced consumption of natural resources. The Framework has been externally reviewed to ensure compliance with the Green Loan Principles.
Derwent London will be required to publish an independently verified report annually confirming that the green loans and the Framework continue to satisfy the requirements of the Green Loan Principles. Derwent London will also provide qualitative and quantitative environmental performance reporting of eligible projects in its annual Responsibility Report.
Commenting on the transaction, Real Estate Finance Partner, William Oliver said: "It is fantastic to have worked with HSBC, Barclays and Natwest on such an important and market-leading transaction. We are sure that this will be seen as a ground breaking facility as green issues, the environment and sustainability become more and more important in business and society in general."
The Pinsent Masons team comprised lead partner, William OIiver and solicitor Fergus O’Doherty. Slaughter and May (Matthew Tobin and James Costi) acted for Derwent London.
Senior Pensions Consultant
Pinsent Masons' David Isaac has once again been ranked in the OUTstanding LGBT+ Role Models 2020 list.
Multinational law firm Pinsent Masons has advised the Department for Digital, Culture, Media and Sport (DCMS) on its innovative joint £28m investment in 5G test projects to showcase the capability of 5G technology across a range of industries and identify commercially sustainable long-term use cases.
Multinational law firm Pinsent Masons advised GNA Biosolutions GmbH on IP and commercial aspects of its rapid PCR Covid-19 test.
Multinational law firm Pinsent Masons has advised on what is believed to be the world's first gender-lens investment property fund, to support women experiencing, or at risk of homelessness.
Multinational law firm Pinsent Masons has elected commercial partner Clare Francis and Sydney-based infrastructure partner Fraser McMillan to its global board as it underscores senior leadership gender diversity and strengthens Asia Pacific representation on the board.
Pinsent Masons has rolled out its Mindful Business Charter across its business in the Middle East. It adopts and promotes a culture of openness about mental wellbeing and encourages working arrangements that will reduce the unnecessary causes of stress and pressure in the workplace thereby ensuring higher team performances.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on