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Sidley Austin Brown & Wood Advises Morgan Stanley on BBC Sale and Leaseback Securitisation

International law firm Sidley Austin Brown & Wood advised Morgan Stanley as Lead Manager and Arranger of the largest ever single asset, single tenant securitisation in Europe.
The transaction involved an £813million bond issue to provide funding for the redevelopment of Broadcasting House, the headquarters of the BBC.

The Sidley real estate team advised Morgan Stanley in relation to the origination of a loan by Morgan Stanley to facilitate the sale and leaseback of Broadcasting House to a special purpose vehicle. Partners working on the deal included Mark Menhennet, Debbie Carslaw and Andrew Parnell (Corporate). They were supported by over 20 assistants on the origination and securitisation aspects. On the origination element, this included Eleanor Hunwicks, Charles Malpass, Markus Musielak, Elizabeth Sweeney, Simon Tweedle, James Bucke, Bethany Burrow and Sarah Murphy.

In addition Sidley Austin Brown & Wood’s London based securitisation group led by partners Graham Penn, Julian Goodman (Property) and Graeme Harrower (Tax) supported by assistants Jason Richardson, Jayne Black, Michael Killhourhy, Partha Pal, Rob Probyn, Jane Scobie and Maria Battista advised Morgan Stanley in relation to the securitisation of the sale and leaseback transaction which was funded by the issue of AAA-rated 30 year fixed rate notes which were credit-wrapped by MBIA Assurance SA.

George Petrow, of Sidley’s New York-based securitisation group led a team of lawyers who advised Morgan Stanley on the New York law aspects of the transaction.

Linklaters (Ann Hoe) advised the BBC, Clifford Chance (Debashis Day) advised MBIA, Denton Wilde Sapte (Candice Chapman) advised the Issuer of the bonds and Freshfields and Norton Rose advised Fitch Ratings and Standard and Poor’s respectively who, together with Moody’s rated the bonds.

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