Clifford Chance Guides £704M NEC Financing Deal
Global law firm Clifford Chance has advised Goldman Sachs and Citi on a landmark £704 million financing deal for the National Exhibition Centre Group (NEC Group), one of the UK's largest live events and venue operators.
The transaction involved both the origination of the loan-level financing as well as its securitisation through an integrated commercial mortgage-backed securities (CMBS) structure.
The £653 million CMBS financing, secured by Arena Finance Securities DAC, is backed by NEC Group's portfolio of flagship venues in Birmingham, including the National Exhibition Centre and the Utilita Arena Birmingham.
Additionally, a £51 million capex facility was provided to an entity of the NEC Group. The deal demonstrates investor appetite for CMBS secured over high-quality operational real estate assets.