Dentons advises HSBC on acquisition financing for the Manchester Arena and other leisure assets

Dentons has advised HSBC – as agent, arranger, lender, hedge counterparty and security agent – on the £60 million acquisition facility provided to special purpose vehicle subsidiaries of Secure Income REIT Plc to purchase the Manchester Arena, the Brewery in London’s Chiswell Street and a portfolio of pubs in England and Scotland. Secure Income REIT Plc is a real estate investment trust solely advised by Prestbury Investments LLP, which has extensive experience in the UK real estate market built over more than 30 years.

Dentons acted as English and Scots law counsel, with Ogier acting as Jersey law counsel, to HSBC. The acquisition exchanged earlier this year and completed on 2 July 2018.

Simon Masri, Real Estate partner at Dentons who led on the deal, said, “We are very pleased to have advised HSBC on the acquisition financing of this leisure portfolio. This is a significant deal for the UK leisure sector and demonstrates there is strong investor confidence where opportunities for secure, long-term, inflation-protected income, and growth through proactive asset management, can be identified.”

Along with Simon Masri, Banking and Finance partner James Irvine also led on the deal. The core Dentons team advising HSBC also included Corporate partner Jayne Schnider, Tax partner Alex Tostevin, Banking and Finance senior associate James Ingham, Real Estate senior associate Laura Gowing, Corporate senior associate Wei Wu and Tax associate Kirsten Hunt.

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