Addleshaw Goddard has advised longstanding client Metro bank Plc on its acquisition of a portfolio of UK mortgages from private equity group Cerberus European Residential Holdings B.V. for approximately £597 million.
The transaction, which completed on 2 June 2017 and was financed using existing cash resources, sees the FTSE 250 bank purchase approximately 92% buy to let mortgages, with the remainder being owner occupied, all with a similar credit risk profile to its existing mortgage book.
The Addleshaw Goddard team was led by Corporate partner Hugh Lauritsen and Financial Services Regulatory partner Rosanna Bryant.
Hugh Lauritsen, commenting on the transaction, said, "One of Metro Bank's strengths is in its ability to take advantage of strategic opportunities that match its objective of organic growth, as it moves ever further forward towards its 2020 guidance of loan to deposit ratio of 80%. We are proud to play a part in achieving that objective with them and look forward to the continuation of that journey."