United Kingdom
Paul Gray
SocioAbout
Paul Gray's main area of practice is international finance where he focuses on leveraged real estate and structured finance transactions, including securitisations, loan on loan and portfolio sales, purchases, refinancings and restructurings.
His focus is on the real estate and sports sectors (he is the head of the International Sports Finance practice) where he has a pan-European practice covering jurisdictions that include Germany, Italy, France, Greece, the Netherlands and the United Kingdom. Paul represents corporates, private equity houses, hedge funds, institutional investors, investment and corporate banks and other financial institutions across the capital spectrum from distressed borrowers and investors through mezzanine to senior and super senior lenders.
Professional QualificationsSolicitor of the Senior Courts of England and Wales
EXPERIENCE
- Advised Goldman Sachs and other institutional investors on the EUR108m financing package for Sevilla FC secured against media revenues.
- Advised Castlelake, L.P. on the establishment of a joint venture with SBB and the financing of cEUR470m of debt, utilised to acquire a portfolio of community properties in Sweden and Finland from SBB and a part to refinance existing debt to SBB, together with CL’s own loan on loan arrangements with Atlas.
- Acting for Goldman Sachs and several institutional investors and lenders in connection with FC Barcelona’s EUR1.5bn financing relating to the redevelopment of Camp Nou.
- Acting for Goldman Sachs and several institutional investors on a refinancing package for The Olympique Lyonnais (OL) group totalling EUR385m.
- Acting for Mount Street, the CMBS Special Servicer, in connection with the restructuring of the EUR300m FROSN CMBS loan backed by a portfolio of Finnish offices sponsored by Sponda, the Finnish real estate company owned by Blackstone.
- Acting for the majority shareholder of FC Internazionale Milano in connection with the EUR275m financing and investment by Oaktree Capital Management.
- Acting for the investors in respect of the issuance by FC Barcelona of EUR595m privately placed notes secured against its media rights.
- Acting for QDE, a subsidiary of the Qatari Investment Authority in connection with the GBP450m construction financing relating to the redevelopment of 30 Grosvenor Square (formerly the US Embassy) into a luxury hotel.
- Advising the special servicer and receiver of the GBP260m Debussy CMBS (secured by the Toys “R” Us real estate portfolio) through the administration of Toys “R” Us.
- Acting for AS Roma in connection with the issuance of ASR Media and Sponsorship S.p.A’s (AS Roma’s Media vehicle) EUR275m in aggregate principal amount of 5.125% Senior Secured Notes.
- Advising an American multinational investment bank in respect of the EUR325m media financing of FC Internazionale Milano.
- Advising multinational investment banks in respect of the development financing (GBP425m) of Tottenham Hotspur Stadium.
- Advising AS Roma and its affiliates in connection with all aspects (including real estate, finance and construction) of the new "Stadio della Roma" project, located at the Tor di Valle site in Rome, Italy.
- Acting for the Premier League in connection with its emergency financing package to the English Football League.
- Acting for the San Francisco 49ers in connection with its investment into Leeds United FC.
- Acting for Crossroads Real Estate in connection with Europe's first enforcement action relating to a mezzanine lender's unilateral acquisition rights in connection with an investment and development loan to a hotel franchise holder, operating hotels in the Benelux region.
- Acting for GAM Real Estate in connection with the establishment of its securitisation platform and the origination of various underlying whole and mezzanine loans in Europe.
- Advising Mount Street, the special servicer of the Windermere X and Windermere XIV CMBS in connection with the restructuring of the Fortezza loans – Italian CRE loans secured against a portfolio of Italian properties.
- Advising Mount Street, the special servicer of the Titan 2007 2 in connection with the restructuring and liquidation of the EUR1bn Dutch MPC loan.
- Acting for a CMBS loan servicer in connection with the successful defence of an English High Court claim by investors in which it was alleged that, in breach of its contractual and fiduciary duties, the servicer had entered into a transaction at an undervalue when disposing of a portfolio of properties which constituted the underlying collateral for a GBP250m CMBS loan.
- Advising Deutsche Bank AG and then the special servicer of the CMBS conduit vehicle in connection with the restructuring of the GBP260m Mapeley Gamma portfolio loan including the injection of construction financing by a third party for accretive development works and the subsequent liquidation of the Mapeley Gamma portfolio loan and other loans by way of discounted pay off.
- Acting for Market Tech Holdings in connection with its GBP900m investment facility with AIG in connection with the financing of a portfolio of properties including Camden Market Lock and Camden Market Stables.
- Advising Deutsche Bank in respect of the restructuring of the Brunel Shopping Centre Loan (GBP110m), a distressed loan secured against an English shopping centre finance through the Deco 6 CMBS which required undertaking a discounted pay off process and an acquisition financing and an innovative note issuance structure including a listing on the Channel Islands Securities Exchange.
- Acting for GWM in connection with its acquisition of CMBS notes secured by an Italian telecoms portfolio and subsequent restructuring and liquidation of the CMBS.
- Advising Solutus Advisors Limited in respect of the restructuring of the Lea Valley Loan (GBP250m), a loan that sat in the Deco 8 securitisation and which has been subject to a discounted pay off offer by its equity sponsor.
- Acting for an American multinational investment bank in respect of a loan to Feyenoord Football Club in connection with pre development costs for their new stadium.
- Acting for Liverpool City Council in connection with its proposed new financing of debt to Everton Football Club relating to the proposed redevelopment of Bramley Moore Dock into Everton's new stadium.
- Acting for a British multinational investment bank in connection with the team financing of a top 5 EPL football club.
- Acting for an international hedge fund in connection with the mezzanine financing of a Student Accommodation business.
- Acted for Mount Street as servicer and special servicer in relation to the FROSN-2018 DAC CMBS. This was a CMBS transaction where the Senior Loan will be secured by, among other things, a portfolio of 63 office and retail properties located throughout Finland. The notes finance 87.9% of EUR577m commercial real estate loans to entities related to Blackstone Real Estate Partners advanced by Citibank N.A. London Branch and Morgan Stanley Principal Funding Inc.
- Acted for Mount Street as servicer and special servicer in relation to LIBRA ELoC 31 CMBS. The transaction involved a securitisation of a EUR282.5m three-year senior loan extended by Morgan Stanley in January to the Starwood Capital and M7 Real Estate joint venture, backed by 49 light-industrial properties and one office property in Germany and in the Netherlands together valued at EUR418.6m.
- Advised Mount Street as servicer and special servicer in relation to the ORANJE (European Loan Conduit No.32) DAC CMBS. The transaction involved a securitisation of five Dutch commercial real estate loans secured against 78 properties in the Netherlands.
- Advised Mount Street as servicer and special servicer in relation to the EOS (European Loan Conduit No.35) DAC CMBS. The collateral for the transaction is a loan secured by the borrower’s interests in 165 office, industrial and retail assets in The Netherlands, Germany and Finland.
- Advised Mount Street as servicer and special servicer in relation to the Scorpio (European Loan Conduit No. 34) DAC CMBS. The collateral for the transaction is a loan secured by the borrower’s interests in 112 assets, most of which are industrial warehouse properties in the UK.
- Advised Mount Street as servicer and special servicer in relation to the SALUS (European Loan Conduit No.33) DAC CMBS. The transaction involved a securitisation of a GBP367.5m mortgage loan extended to City Point Holdings I Limited and is secured against the borrower’s freehold and long-term leasehold interests in the CityPoint office building.
Education
- The College of Law, Chester, 1997 - 1999
- The University of Manchester, 1994 - 1997
Awards
- “Paul Gray is the go-to guy for stadium financing. He knows the team exceptionally well, and has deep knowledge of the market and the product. He is unflappable, calm under pressure, and extremely capable”. Legal 500
- The “excellent” Paul Gray acts on behalf of banks and other investors in a variety of real estate transactions. His experience in stadium financing transactions is of particular note. Chambers and Partners
- “Paul Gray is sought after for his expertise in real estate finance matters involving restructuring and liquidation. He has additional experience in construction finance matters and is well positioned to advise on domestic and international transactions. "He's an excellent lawyer who is very experienced, knowledgeable, approachable and reliable." Chambers and Partners
- "Paul Gray is an outstanding lawyer; he is very commercial, pragmatic and responsive. He comes up with unique solutions."Chambers and Partners
