Weil Gotshal
Advises Lehman Brothers on €243.6 Million securitisation
22 July 2003 International law firm Weil Gotshal
& Manges advised long-standing securitisation client, Lehman
Brothers International (Europe), on English law matters in connection
with the structuring and execution of a €243.6 million securitisation
transaction. The deal was completed on 17 July 2003 through First
Real Estate S.A. (the “Issuer”), a public limited company
incorporated in Luxembourg.
The transaction is deemed to be the first of this kind in Italy;
the Issuer used the proceeds of the issuance of the notes to acquire
a minority interest (48.76%) in Bipielle Immobili Strumentali S.p.A.,
an Italian limited liability real estate company whose sole source
of revenue derives from the rental and sale of its properties (around
280) – mainly retail and office properties leased by the Italian
bank Banca Popolare di Lodi. The Issuer will fund payments of interest
on the Notes primarily out of dividends received from net distributable
profits in its capacity as minority shareholder of Bipielle Immobili
Strumentali S.p.A.
Partner Jacky Kelly, head of the London securitisation practice,
represented Lehman Brothers International (Europe), assisted by
associates Andrea Platania and Diala Salman.
Steven Ong, London securitisation partner, and associate Matteo
Gallanti, represented the trustee, ABN AMRO Trustees Limited.
Studio Bonelli Erede Pappalardo, Milan and London office, advised
Lehman Brothers as to the Italian law aspects of the transaction.
Loyens Winandy advised Lehman Brothers and the Issuer as to Luxembourg
law.
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