Real Estate Finance: London

THE FIRM A&O's sheer size and excellence have enabled it to withstand the harder times and it remains a pre-eminent and impressive player at the top of its field. The firm has succeeded in securing new money deals, and is benefiting from the current market of restructuring old deals. Clients include HSBC, Eurohypo and RBS.

KEY INDIVIDUALS The king of real estate and a commercial star, Mark O'Neill heads the real estate finance team. The “bright and friendly” Arthur Dyson is known for his skills in CMBS matters, while Julian Harris' broad expertise enables him to look at the whole picture when it comes to real estate finance. Having spent time working in the Netherlands, he also has first-hand experience of the European market. Banking lawyer Ian Powell thoroughly understands the Frankfurt market, which is particularly useful as German banks continue to invest money into UK real estate. Simon Roberts has a broad finance-based practice and is praised for his no-nonsense approach and focus on getting the job done.

THE FIRM Clifford Chance has taken a proactive approach to the market downturn, reshuffling the team to increase the size of its restructuring department. Although it was inevitably hit hard by the collapse of securitisation, the firm has an integrated practice that is set to ride out the current financial storm at the top of its field.

KEY INDIVIDUALS Mark Rees-Jones heads the practice. He has a strong background in both property and corporate finance and is the ultimate real estate finance lawyer. Damian Perry is praised as a highly commercial lawyer with a congenial approach. Andrew Carnegie’s diverse experience ranges from structuring to insolvency and stands him in good stead in such tumultuous times. Jane Cheong Tung Sing is noted for her superb client-handling skills and invaluable experience in mezzanine investment work. Alistair McGillivray was recently seconded to the insolvency and restructuring department, two areas of law that have become increasingly prevalent of late.

THE FIRM This vast real estate finance team represents clients such as Barclays and Big Lottery Fund. It is adjusting to the current market by concentrating on restructuring and sell-down work.

KEY INDIVIDUALS Head of department Mark Waghorn maintains a busy workload and was recently involved in representing the lender in a £90 million development facility. Simon Kildahl is recognised for his commercial approach. He acted for Bank of Scotland on its £219 million financing for the complete regeneration of Aston University’s student accommodation. Joginder Anand advised Propinvest on the financing of the EUR1.9 billion acquisition of the global headquarters of Banco Santander in Madrid. Laurence Rogers worked with Anand on the huge Santander deal, bringing to the table his experience of real estate finance matters across Europe. Joanna Solomon is a strong player who has spent time on secondment with RBS and Barclays Capital, while Andrew Flemming has a busy practice advising banks, funds, borrowers, institutions, finance houses and senior and mezzanine funders. New table entrant Naveen Vijh is singled out for his personable nature. His work highlights include the refinancing of a £60 million loan.

THE FIRM Excellent client service and a no-nonsense, good-value approach mark this firm out for praise in the sector. It continues to handle major financings and has impressed with its debt restructuring work for lenders and purchasers in the sector.

KEY INDIVIDUALS Simon Johnson wins praise for his ability to get straight to the heart of a matter. "He's excellent, diligent and great at handling clients' requirements quickly and judiciously,” state sources. Jeffrey Rubinoff has a great deal of experience in restructuring and advised two large house builders on their new debt financing arrangements totalling more than £1 billion.

THE FIRM This team is adapting well to the downturn, according to sources, refocusing its practice on restructuring. The firm is also developing its Islamic financing practice, handling deals such as the recent £31.5 million funding of a tawaruq structure involving five jurisdictions and various properties in London.

KEY INDIVIDUALS Gary Hommel was involved in the funding of the tawaruq structure and is appreciated for his extensive knowledge of the German markets. Peter Long has a background in banking and recently worked on a refinancing deal for MREF Hotels. His is a highly visible name in the sector. Simon Chadney is known for his big-picture view. He recently worked on the sell-down of a EUR289 million loan secured on assets in Germany.

THE FIRM This fully integrated real estate finance and restructuring and insolvency team is regarded as tough competition in the market. Its recent deal highlights include the £750 million acquisition of Trillium by Telereal from Land Securities, and a nine-jurisdiction, pan-European EUR420 million refinancing of Invista European Real Estate Trust.

KEY INDIVIDUALS Claire Watson is praised for being practical, easy to deal with, conversant with all the issues and able to move cases along. She advises both banks and corporate clients, and was the lead lawyer on the Invista European Real Estate Trust refinancing. David Ereira is involved in the ongoing Lehman Brothers insolvency.

THE FIRM This esteemed firm is immersed in the issues that banks face and is highly sensitive to its clients' individual needs and concerns. The responsive lawyers offer good value for money, and represent clients such as Britannia (Europe), Helaba and Landesbank Berlin.

KEY INDIVIDUALS Dave Wilson is adjusting to the current climate with an increasing focus on European markets. He acts for Anglo Irish Bank and a number of other leading providers of senior and mezzanine debt. “Flexible, approachable and commercial,” Paul Salsbury advises banking clients on the restructuring of debt finance and recoveries. He is an influential name in the sector. Andrew Besser is another extremely visible figure in the field, acting on behalf of notable clients such as HSBC, Bank of Ireland and Hypo Real Estate Bank International.

THE FIRM This firm has been concentrating on a range of complex advisory work of late and is helping clients deal with breaches of existing covenants.

KEY INDIVIDUALS “Diligent, responsive and a pleasure to work with,” Ruth Harris recently acted for Bank of Scotland, RBS and Barclays on a £1.44 billion financing relating to the acquisition of BHS (Holdings). Sarah Watkinson recently acted for a major international investor on its proposed white-knight investment in a key City building.

THE FIRM CMS Cameron McKenna is acknowledged to be taking a proactive approach to the downturn and boasts a large portfolio of loyal clients.

KEY INDIVIDUALS Simon Johnston has an impressive background in this arena and combines "extreme intelligence and common sense.”

THE FIRM This firm's well-established mid-sized restructuring department is fully equipped to deal with the current market conditions.

KEY INDIVIDUALS An acclaimed member of the team, Michael Black "is assured in what he is doing; he's not all about scoring points." The personable and skilled Jayesh Patel has a strong background in restructuring work. He recently acted for Eurohypo on the £160 million financing for the purchase of a portfolio of properties.

THE FIRM As a lender-led group, the team at DLA Piper treats real estate finance as a discrete practice area rather than a facet of banking and property law. The lawyers have notably handled substantial transactions for Lloyds TSB.

KEY INDIVIDUALS Stephen O'Brien is the standout name here and a published expert in the field with extensive experience of lending in the hotel and leisure sector.

THE FIRM This team has an increasing profile, even in the market downturn, and has been involved in the prominent Chelsea Barracks deal, acting for the mandated lead arrangers HSBC, BNP Paribas, Calyon, Masraf al Rayan and Qatar National Bank.

KEY INDIVIDUALS Mark Lloyd Williams is the main contact.

THE FIRM The real estate finance group at SJ Berwin has had increased dealings with German banks of late and the firm continues to expand its teams in Frankfurt and Munich.

KEY INDIVIDUALS David Ryland is regarded as one of the hardest-working lawyers in the City. He is advising a prominent German bank on a possible pub REIT, and also counts Evans Randall, Invesco and Schroder Property Investment Management among his clients. Gillian Smith advises both banks and corporate clients and is praised for her thorough and effective advice.

THE FIRM This team is well equipped to advise clients on matters relating to the downturn, with recent highlight work involving acting for Deutsche Postbank on a multimillion-euro loan for refinancing indebtedness.

KEY INDIVIDUALS Rodney Dukes is experienced in restructuring and Islamic finance, and recognised for his astute advice. Bob Gayford has vast experience in development, acquisition and structured finance and international banking matters. Paul Harrison has represented lenders in a range of transactions in jurisdictions throughout Europe.

THE FIRM This firm has a loyal client base and has been involved in several high-profile, big-money deals in the past twelve months.

KEY INDIVIDUALS Paul Lyons is praised for his commercially minded nature, while Neil Murray is a well-known name in the sector with a long-standing reputation.

THE FIRM The lawyers at Eversheds are not afraid to tackle complex mandates and have received instructions from a number of new clients during the past year, including Barclays' commercial structured finance team.

KEY INDIVIDUALS Nick Swiss gained invaluable sector experience during his secondment with a major investment bank.

THE FIRM This US firm has shifted its practice focus to new areas of business: restructurings, workouts and funding the purchase of distressed loans and assets. It assisted AREA Property Partners with establishing a joint venture to purchase properties following the administration of Dawnay Day Group.

KEY INDIVIDUALS “An impressive negotiator,” Tom Budd advised the trustees of One Plantation Place Unit Trust on restructuring the trust's debt. Alan Samson is recognised for his wealth of expertise, which he recently employed on behalf of Rockpoint Group on a joint venture with Longbow Real Estate Capital.

THE FIRM This team is recognised for its good depth of knowledge and is well placed to advise on German lending matters.

Sources Say: "Even during busy periods, Lovells has the resources to meet all of its clients' demands.”

KEY INDIVIDUALS Mark Donald is a contact.

THE FIRM This firm has been busy advising on restructurings and non-performing real estate debt transactions. Its client list includes Anglo Irish Bank, Arlington Business Park Partnership and Ashdown Capital.

KEY INDIVIDUALS Andrew Barker is the primary contact name.

THE FIRM This consistently responsive team is lauded for its confident and effective advice and ability to think laterally. It has been instructed in a variety of high-value commercial investment property transactions and acts for the likes of Anglo Irish Bank and BlackRock Financial Management.

KEY INDIVIDUALS Richard Williamson is “one of the most commercial and amiable lawyers I know," declared one source. He recently advised Anglo Irish Bank on its restructuring and restatement of a £210 million loan.

THE FIRM This firm's main focus at present is the restructuring market. The team was recently involved in the restructuring of £2.5 billion of debt.

KEY INDIVIDUALS Nick Turner has a strong practice in Europe and is praised for being easy to work with.

THE FIRM Clients are drawn to Macfarlanes for its excellent service and expertise in diverse fields. The team has a wide range of both lender and borrower clients, including Anglo Irish Bank, Delancey Estates and European Land.

KEY INDIVIDUALS Orla MacSherry is singled out for her excellent client relationships.

THE FIRM This strong practice was founded on originations and securitisations but has refocused its efforts on restructuring matters and the buying and selling of debt.

KEY INDIVIDUALS Superb lawyer Stephen Walsh is praised for his analytical mind.

THE FIRM This firm has responded to the fall in bank lending by concentrating on clients' existing funding relationships, such as the reworking of loans.

KEY INDIVIDUALS Ciaran Carvalho recently arrived from Dechert, bringing his wide range of experience including skills in commercial real estate, investment, joint ventures, limited partnerships, finance and development. Amanda Howard's clients include Middle Eastern sovereign wealth funds and fund managers such as Hermes, ING, Grosvenor and CBREi.

THE FIRM This mid-sized firm undertakes both lender and borrower work, and has also benefited from the banks' move away from big deals to mid-sized deals.

KEY INDIVIDUALS Eleni Skordaki is praised for her no-nonsense, commercial approach.

THE FIRM Market commentators respect this real estate finance team's strength in depth, international capability and expertise in a wide range of areas. The team focuses on advising clients in the financial services industry, and has benefited from the recent formation of the firm’s financial industry group. Highlight work has involved advising Deutsche Postbank on a £120 million development funding at Merchant Square, Paddington for a 16-storey block.

KEY INDIVIDUALS The financial industry group's "very switched-on" leader Paul Johnston “carries a lot of weight in the market.” His practice crosses over between property and property finance. Recently made partner Charles Bezzant is “affable and knowledgeable; he makes sure deadlines are met and works hard to achieve required positions,” praise sources. He is especially active in investment finance and development finance. 

THE FIRM This team retains a number of strong lawyers, ready to combat the effects the market downturn and the departure of esteemed lawyer Debbie Carslaw have had on Sidley's practice.

KEY INDIVIDUALS Mark Menhennet is a standout figure in the team, with a background advising lenders and insolvency practitioners on the enforcement of security. Graham Penn is also recognised for his work in the area but has been slightly less visible of late given his background in securitisation matters.

THE FIRM This reliable and effective team has acted recently on behalf of Great Capital Partnership, a joint venture between Liberty International and Great Portland Estates, on a £225 million finance facility secured against 30 prime West End and City properties.

KEY INDIVIDUALS The leading partner on the Great Portland Estates deal was the well-respected and highly skilled Richard Hughes.

THE FIRM This team is praised for its approachable lawyers, depth of experience, quick responses and dedication to customer service.

KEY INDIVIDUALS John Fox stands out for his "sound expertise, advice and negotiating skills." Richard Light recently acted for RBS on a loan for the purchase of a shopping park for £80.6 million.