Milbank LLP has advised the Canary Wharf Group (“CWG”) on its £906.3 million (equivalent) debut bond offering pursuant to their newly established green bond framework and related revolving credit facility.
CWG is the largest London-based REIT focusing on the sustainable development, management and ownership of an iconic collection of prime office and retail space and build-to-rent apartments in Canary Wharf. CWG is the developer of the largest urban regeneration project in Europe. CWG develops, manages and currently owns interests in approximately 7.5 million square feet of office space, 0.9 million square feet of retail and over 500 build-to-rent apartments.
Milbank has continuously been at the forefront of green financing transactions, regularly representing clients throughout Europe and the rest of the world on cutting-edge, first-of-their-kind green bond issuances and loans, including advising in the last year:
- Public Power Corporation S.A., the biggest electricity company in Greece, on the first sustainability-linked high yield bond in Europe
- Globalworth Real Estate Investments Limited, a leading real estate company in Central and Easter Europe, on its inaugural green bond offering and cash tender offer
- The arrangers in relation to a new amendment for Portugal-based packaging firm Logoplaste, which created the first institutional term loan with interest payments directly linked to ESG factors
The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Miko Bradford, special counsel Ana Grbec, associates Melanie Probst, Byron Nicol, Abbey Dalgleish, Kristian Sutt and Bernardo Zang, and trainee solicitors Connor Clune and Valeria Vouterakou. The team also included New York Tax partner Eschi Rahimi-Laridjani, associates David Hanno and Samantha Rocco, London Tax associate Steve Quinn, New York Executive Compensation partner Joel Krasnow, New York Alternative Investments Practice partner Catherine Leef Martin and associate Megha Kalbag, London Alternative Investments Practice partner James Warbey and associates Robert Jackson Wyse and Adrian Kwok, and London Corporate associate Gemma Cullen.
