Access to LMA REF Documentation
Our aim in the REF sector is fivefold:
We have published updated versions of the LMA intercreditor agreement for real estate finance transactions, and the LMA intercreditor agreement for real estate finance transactions (contractual subordination only).
Amendments have been made to these documents to reflect the transition to risk-free rates as well as the UK's withdrawal from the European Union.
The LMA has released an updated version of its Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions (the Drafting Guide). The amendments at Section 6 (Mezzanine drafting: Mark-up) of the Drafting Guide reflect the changes to the underlying document (the LMA's recommended form of senior single currency term facility agreement for real estate finance multi-property investment transactions), which was updated in September 2022 to provide for the use of a compounded risk-free reference rate. It should be noted that the form of the mezzanine facility agreement provided at Section 6 of the Drafting Guide has not itself been amended.
In this briefing, Clifford Chance consider the rapid growth in the data centre asset class; the common transaction structures used to finance their purchase; and how their carbon footprint is leading to increased interest in utilising sustainable finance alternatives.
In this briefing, Clifford Chance explore the evolution of securitisation financing of commercial real estate (CRE) in Europe with the rise of new collateralised loan obligation structures (CLOs) as an attractive alternative source of term funding for non-bank lenders.
An easily readable coverage of many of the issues to be considered in real estate finance, from tax, to security, to sustainability.