Webber Wentzel is proud to announce its involvement as lenders' counsel in the successful restructuring of Redefine Properties' R27,7 billion secured funding arrangement. This landmark transaction is the largest of its kind in the South African listed property sector and introduces a transformative approach to how secured funding is managed.
The innovative evergreen structure simplifies Redefine’s funding processes, allowing funders (which included lenders, noteholders and hedge providers) to participate in a common shared security pool, thereby enhancing credit profiles and operational efficiency. The restructure offers Redefine greater flexibility in managing its funding requirements while supporting its long-term growth strategy.
Khurshid Fazel, partner at Webber Wentzel who led this transaction, commented: "This transaction was incredibly complex, requiring strong teamwork and innovative thinking. The success of the deal is a reflection of the dedication and hard work of our entire team. We had four partners leading different workstreams, each managing crucial elements of the transaction, and we could not have achieved this without their leadership and the exceptional efforts of our associates."
Partners
Hugo de Villiers,
Janine Lamb and
Tamryn Theunissen, led various workstreams, with support from partner
Gabi Richards-Smith and associates Mathabo Mohwaduba and
Tamryn Klette. Over the course of four months, the Webber Wentzel team worked relentlessly to meet the transaction’s ambitious timelines.
Khurshid added: "The collaboration and co-ordination within our team were outstanding. Everyone was on top of their game, ensuring that no detail was overlooked. This deal truly showcases our firm’s ability to handle large, multifaceted transactions with precision and efficiency."
This transaction further cements Webber Wentzel's reputation as a leading firm for complex financial restructures and highlights its commitment to delivering innovative legal solutions for clients.
RMB acted as the Mandated Lead Arranger on this transaction, working closely with Webber Wentzel and the 11 participating funders on this ground-breaking transaction.
