Kaye Scholer advised Debussy DTC PLC as Issuer in relation to the £263m CMBS transaction arranged by Cairn Capital in order to refinance the UK property portfolio of Toys R Us. Backed by Toy R Us suburban big box retail stores, it is the first non-prime European commercial real estate securitization transaction since the 2008 financial crisis.
The transaction also reaffirms the recovery for CMBS transactions now underway in the European market. According to Dealogic, to date this year, the number of European CMBS issuance is approximately $5.5 billion, more than five times the value of European CMBS transactions at this time in 2012.
Kaye Scholer was appointed by Capita Trust Corporate Limited, the Issuer's corporate servicer, and a leading provider of corporate services to the ABS market.
The Kaye Scholer team was led by Stuart Axford from their London office, and included tax partner Daniel Lewin and bankruptcy associate Tanyel Serpemen from London together with Willys Schneider, David Sausen, Kathleen Wechter and Ken Mason from New York. Toys R Us were advised by Paul Hastings and Cairn Capital were represented by Sidley Austin.
About Kaye Scholer LLP
Founded in New York in 1917, Kaye Scholer combines the continuity and business acumen of a century-old law firm with a forward-looking, tech savvy, results-driven approach focused around lasting client relationships. With industry strengths in life sciences, financial services, technology, real estate and energy & infrastructure, Kaye Scholer offers strategic guidance and legal services to public and private entities facing litigation, transactional or governance challenges. Kaye Scholer’s lawyers regularly advise on matters across multiple legal jurisdictions, including in the US, Canada, UK, EU, China and Japan.
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