Advising Vivion Investments on international EUR 1 billion bond issuance and complex reorganisation

International law firm Taylor Wessing has advised commercial real estate company, Vivion Investments S.à r.l (Vivion), on the issuance of EUR 300 million 3.5% Senior Notes. The Notes are due 2025 and were admitted to the Official List of Euronext Dublin and to trading on the Global Exchange Market of Euronext Dublin. This is the second bond issuance on which the firm has led in just four months, bringing the total debt raised in this period to EUR 1 billion.

The latest debt raising follows a number of strategic corporate real estate transactions on which Taylor Wessing has advised Vivion in the past few months in preparation for the issuance. These include various acquisitions and the complex reorganisation of the operational and debt structure of its UK hotels portfolio (involving the separation of its property and operating businesses), as well as Vivion's public debt capital market bond debut.

Vivion successfully entered the debt capital market in June 2019 by raising EUR 700 million against UK and German real estate portfolios, valued in excess of EUR 5 billion. This remains one of the largest European bond issuance in 2019 by a debut company.

Corporate Real Estate and Client Partner Mark Rajbenbach commented: "Vivion is an exciting business and this has been a great few months to be working closely with them. The transactions involved a complex combination of elements and required advice and bespoke solutions on an international basis that the Taylor Wessing Corporate Real Estate team provided as Vivion shapes itself for the future. These deals stand out due to their complexity across real estate, real estate finance and debt capital markets."

Commenting on the two recent bond issue transactions, Corporate Partner and Head of the Private Capital and Corporate Finance group, Russell Holden, said: "The combined EUR 1 billion of debt issuance starts a new chapter for Vivion. We were able to bring our international expertise to bear across the range of specialisms required and it has been a real pleasure to work with Vivion to bring this to fruition and help them achieve their strategic aims as a business."

Taylor Wessing fielded an international capital markets team on the bond issuance led by corporate partners Russell Holden (London) and Marc-Oliver Kurth (Berlin). Support was provided by Corporate senior associates Marie Fong Sing and James Homan (London) and Sebastian Klabunde (Berlin), and paralegals Jessica Nobes and Sarah Palmer (Liverpool).

The Corporate Real Estate and Banking and Finance team in London was led by Corporate Real Estate partner Mark Rajbenbach with support from senior associates Edward Manser (Finance), Matthew Sherr (Finance) and Victoria Butcher (Real Estate).