Taylor Wessing has advised Deutsche Bank Commercial Real Estate Group on its first Sterling Over Night Index Average (SONIA) benchmark based loan.

This marks not only Deutsche Bank's first alternative rate loan, but also one of the first adoptions of a loan referencing an average of overnight SONIA in the entire market. The benchmark was used as an alternative to London Inter-Bank Offered Rate (LIBOR). The loan references a compounded average of SONIA set in arrears with a five business day lag.

The loan was used to refinance Kennedy Wilson Europe Real Estate II SCSp’s acquisition of Ditton Park, a 200-acre office campus west of London.

Taylor Wessing fielded a team from across its Banking and Finance and Real Estate team. The Banking and Finance team was led by partner Jonathan Marks, senior counsel Cristina Kelly, senior associate Louis Dewfall and associate Priya Jethwa.

The Real Estate team was led by partner Raman Sharma with support from senior associate Rhys Bufton and associate Daniel O'Brien.