A&O Shearman has advised the arrangers and joint lead managers on the GBP2.9bn refinancing of Haven's UK holiday park business, owned by Bourne Leisure. Bourne Leisure was acquired by funds managed by Blackstone Capital Partners and Blackstone Real Estate Partners in 2021.
The new debt facilities were provided by a syndicate of lenders and were partially funded by a GBP1.5bn CMBS issuance—one of the largest GBP European CMBS issuances on record.
This transaction marks a significant milestone in the European real estate finance market, representing the largest commercial real estate structured bond financing in the region. The innovative structure and scale of the deal underscore A&OShearman's ability to support the world's most influential companies on their most complex and high-profile transactions.
"This refinancing demonstrates the strength and depth of our cross-practice team and our ability to deliver innovative solutions for clients on market-defining transactions," said David Oppenheimer, partner at A&O Shearman. "We are proud to have supported the Arrangers, Joint Lead Managers and Blackstone on a transaction that sets a new benchmark in the European real estate finance market. This deal underscores our commitment to working alongside the world's most significant companies as they navigate complex challenges."
The cross-practice team was led by finance partner David Oppenheimer, supported by senior associates Annabel Skelly, Carly Hyland and associates Angus Gray, Aastha Malhotra and trainees Fiona Ngu and Isaac Powers.
The securitization team was led by partner Lucy Oddy, supported by senior associates Fabio Gregoris, associates Pedro Nunes, Duygu Gul, and Wei Sheng Neo, and trainee Mark Ong. The real estate team was led by partner Emma Willoughby, senior associate Ben Elkington, associate Jontin Cooper, and trainee Isaac Ng. Partner James Burton led on tax alongside associate Maria Clezy.
The A&OShearman team in the U.S. was led by partners Jack Heinberg and John Hibbard with counsel Sahar Kianfar, and associate Ryan Sedwick. The team was further supported by other specialist groups from across the firm.
Blackstone is the world's largest alternative asset manager, with more than USD1 trillion in AUM, with 12,500+ real estate assets and 250+ portfolio companies.