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THEFINANCE DUBLINDEALS OFTHE YEARAWARDS2020RESULTS REPORT 2020INSIDE:-The Awards List 2020Thirty six deals, 36 case studiesA snapshot in time of the potentials to comeIreland as a legal deals centre - the green shoots evidentin the 2020 Awards- Continued evolution of innovation and skills
38 Deals of the Year 2020FINANCE DUBLIN J UNE 2020SMBC Aviation Capital’s GAEL aviation equity fund offeredan innovative route into aircraft investment for institutionsTSMBC Aviation Capital’s GAEL Fund enabled investors to acquire a portfolio of aircraft, on lease to a diverse group ofinternational airlines, from SMBC Aviation Capital, who remain as aircraft servicer.he Finance Dublin aviation financeInnovative Financing Deal of theYear is SMBC Aviation Capital’sGAEL aviation equity fund. GAEL is aclosed-end fund that has raised equitycapital from 17 Japanese institutionalinvestors, offering the investors a bespokeopportunity to enter into the aircraft leasingmarket. Bank funding was also raised bythe fund as part of the transaction which isSMBC Aviation Capital’s first aviationequity fund for Japanese institutionalinvestors.The deal, which closed in June 2019, sawGAEL acquire a portfolio of aircraft, onlease to a diverse group of internationalairlines, from SMBC Aviation Capital, whoremain as aircraft servicer. The aircraft aresubject to debt (secured over the aircraft)pursuant to a syndicated loan with aninternationally recognised financialinstitution as lead bank.The fund represents on of SMBC AviationCapital’s most innovative tradingtransactions to date and was fullysubscribed after a very short marketingperiod demonstrating the appetite for theaircraft identified and for investment intothe aircraft leasing space from institutionalinvestors in Japan.Financial Services - AviationFinanceInnovative FinancingWinner: SMBC Aviation – GAEL AviationEquity FundValue: 338.2 millionDate: June 2019Advisers on the deal included Maples andCalder LLP, the Maples Group’s law firm,(Irish and Cayman counsel to SMBCAviation); McCann FitzGerald; Walkers;Clifford Chance (transaction counsel toSMBC Aviation Capital); Millbank (debtcounsel to BNP Paribas and lendingsyndicate) and SMBC Bank (Tokyo).Billy Quinlan, Head of Global Banking,BNP Paribas, said that as a leading advisorand financing partner to the aviationindustry globally his bank ‘is very proud tohave supported SMBC Aviation in thestructuring and funding of the GAELAviation Equity Fund.’Donna Ager, head of the EuropeanAviation team at Maples and Calder LLP,Donna Ager, head of the European Aviation team at Maples and Calder LLP, the MaplesGroup’s law firm: ‘The GAEL aviation equity fund and aircraft leasing platform isinnovative not only for the fact that, unlike previous aviation funds, it had a predetermined aircraft portfolio and was established as a closed fund but also because itrepresented an entirely new means of capitalising assets for a traditional aircraftoperating lessor.’the Maples Group’s law firm,commented: ‘The GAEL aviation equityfund and aircraft leasing platform isinnovative not only for the fact that,unlike previous aviation funds, it had apre-determined aircraft portfolio and wasestablished as a closed fund but alsobecause it represented an entirely newmeans of capitalising assets for atraditional aircraft operating lessor. Thedeal was structured through a Caymanestablished corporate fund, involving ageneral and limited partner backed byJapanese investors, which invested intothe aircraft assets via a Cayman Islandsincorporated / Irish tax residentinvestment company, with an Irishincorporated entity established to holdtitle to the aircraft and lease them to theoperators in the usual way. Theinvestment company also secured debtfrom the traditional bank market whichwas secured with a standard collateralpackage.‘This transaction not only demonstrates theMaples Group’s expertise in the investmentfunds and aviation sectors, but also theunique nature of our service offering whichenables the Group to support clients inmultiple jurisdictions across a diverse setof services, extending from legal servicesto entity and fund establishment andDavid McGovern, Lead Partner on the dealat Walkers, said: ‘The transaction wasnoteworthy in that it marked theinvolvement of our client lender withSMBC Aviation Capital's inaugural aviationequity fund providing Japaneseinstitutional investors that had notpreviously invested in aviation an entrypoint into the aircraft leasing market’.
FRESHPERSPECTIVESFOR WORLD CLASSCLIENTS 2000 18GLOBALPROFESSIONALSGLOBALOFFICESLEGAL SERVICESFIDUCIARY SERVICESFUND SERVICESREGULATORY & COMPLIANCEENTITY FORMATION & MANAGEMENTmaples.com/dublin
40 Deals of the Year 2020administration.’ she added.David McGovern, Lead Partner on thedeal at Walkers, said: ‘The transactionwas noteworthy in that it marked theinvolvement of our client lender withSMBC Aviation Capital's inauguralaviation equity fund providing Japaneseinstitutional investors that had notpreviously invested in aviation an entrypoint into the aircraft leasing market’.‘Walkers was delighted to advise ourclient on the Irish and Cayman aspects ofFINANCE DUBLIN J UNE 2020the deal which yet again demonstrated ourability to bring transactions of thiscomplexity to financial close and theconfidence the market places in ourmarket leading multi-jurisdictionaloffering providing us with a distinctcompetitive advantage over other Irishdomestic firms. Owing to thesophistication and experience of SMBCas arranger, the fund was fully deployedwithin a relatively short space of time.Walkers ability to provide effective,timely, multi-jurisdictional solutions andadvice greatly assisted our client inbringing this innovative eight aircrafttransaction to financial close,’ he added.Also working on the deal were KillianMcSharry, Michael Caulfield and KeithHyland from Walkers' Ireland office andSarah Humpleby and Richard Williamsfrom the Cayman office.McCann FitzGerald’s GeorginaO’Riordan acted for SMBC AviationCapital.
Deals of the Year 2020FINANCE DUBLIN J UNE 202056New platform aims to make major impact on Government’ssocial housing targetTSocial housing platform Redi Resi secured senior and mezzanine financing to develop its strategy which sees it acquireproperties for development that it will in turn lease to local authorities approved housing bodies.he Loans & Financing SocialHousing Deal of the Year is thefinancing of RediResi’s socialhousing platform. Senior and mezzaninefacilities were made available for theestablishment and ongoing financing ofRediResi’s platform which is expected tomeet 20% of the Irish Government’snational delivery target in 2020 for leasing.The EUR91 million deal saw seniorfunding arranged by NatWest Markets Plcand mezzanine/preferred equity fundingarranged by Alvarium RE Limited for theproject. The committed facilities areavailable for RediResi to draw down asopportunities arise for it to acquireproperties for development incircumstances where RediResi hasentered into, or will enter into, leases ofthose properties with local authorities orwith approved housing bodies.The facilities are made available toholding companies in the group structurewith propcos being established, assubsidiaries of the borrowers, to holdindividual properties as part of the scheme.Loans & FinancingSocial HousingWinner: RediResi Imez Limited andRediResi Isen LimitedValue: 91 millionDate: October 2019RediResi had in the 18 months prior tothe completion of the transaction (inOctober 2019) engaged with theDepartment of Housing, the HousingAgency, various local authorities and tier3 Approved Housing Bodies in order totailor the facility to allow the deploymentof funds to meet the standards of thebodies involved in the delivery of ‘longterm social housing solutions’ to the keystake holders.The supply of social housing is asignificant priority for the IrishGovernment and this transactioncomplements the proposals in the‘Rebuilding Ireland Action Plan’ withRediResi expected to meet 20% of theIrish Government’s national deliverytarget in 2020 for leasing.Advisers on the deal include: Maplesand Calder (lead counsel to RediResi);Sarah Francis, Finance Partner at Maples and Calder LLP, the Maples Group’s law firm inDublin: ‘The supply of social housing is a significant priority for the Irish Government andthis transaction complements the proposals in the Rebuilding Ireland Action Plan’.A&L Goodbody (counsel to NatWest);Dentons (English counsel to Alvarium)and McCann Fitzgerald (Irish Counsel toAlvarium RE).Natwest Markets Plcarranged the senior funding andAlvarium RE Limited arranged themezzanine facilities.Other advisers include: DWF (Dublin)and McCann FitzGerald (Philip Murphyacted for Alvarium as mezzanine funder).The initial drawdown released funds topurchase units for social housing in twoseparate developments. Mayeston Hall andRound Garden. DWF acted in thepurchase of the units at Mayeston Hall.Maples acted on the banking side and inthe purchase of the units at Round Garden.‘We are really pleased to have acted forRediResi in the acquisition of a significantnumber of residential units for socialhousing as part of its expansion of its UKrented residential real estate platform intoIreland. The transaction, involving seniordebt from NatWest Markets and mezzaninefinance from London based investmenthouse Alvarium, was a significant step inRediResi's plan to be a leading providerof social housing accommodation inIreland over the next two years as part ofthe Department of Housing, Planning andLocal Governments enhanced long termsocial housing leasing scheme. TheMichael Neary Partner DWF (Dublin): ‘Thetransaction was multifaceted, involvingsatisfying pre-drawdown bankingrequirements, acquisitions of the properties,and completion of enhanced leasingdocumentation with the local authority’.transaction was multifaceted, involvingsatisfying pre-drawdown bankingrequirements, acquisitions of theproperties, and completion of enhanced
57 Deals of the Year 2020leasing documentation with the localauthority." said Michael Neary Partner atDWF (Dublin).Sarah Francis, Finance Partner atMaples and Calder LLP, the MaplesGroup’s law firm in Dublin said: ‘We aredelighted to have advised RediResi onthis significant transaction whichinvolved support from our Banking,Corporate, Real Estate and Taxteams. The supply of social housing is asignificant priority for the IrishGovernment and this transactionFINANCE DUBLIN J UNE 2020complements the proposals in theRebuilding Ireland Action Plan withRediResi aiming to meet 20% of theIrish Government's national deliverytarget in 2020 for leasing.’Alistair Aitken of NatWest Markets said‘NatWest Markets was delighted toprovide senior debt finance to supportRediResi on this highly innovativetransaction and to help fund the deliveryof additional social housing as part of theGovernment’s Rebuilding Irelandstrategy. Successful delivery of thestrategy will create real social impact.’Susan Geddes, Managing Director,Structured Finance, Alvarium InvestmentsRE Limited said ‘Alvarium is proud tohave been involved in such an innovativetransaction to help to provide a solution tothe social housing need in Ireland. Itproves that alternative funding providerssuch as ourselves can provide anentrepreneurial approach to findingfinancing solutions in emerging sectors,this time in conjunction with a moretraditional funding partner’
New platform aims to make major impact on Government’s social housing target Social housing platform Redi Resi secured senior and mezzanine financing to develop its strategy which sees it acquire properties for development that it will in
