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Nabarro acts on restructuring of The Junction Fund

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Nabarro has acted for The Junction and Aviva Investors on the restructuring of The Junction Fund to secure an injection of GBP65,000,000 of new equity from Area Property Partners and the A

Nabarro has acted for The Junction and Aviva Investors on the restructuring of The Junction Fund to secure an injection of GBP65,000,000 of new equity from Area Property Partners and the Aviva Life Fund.
 
The new equity funds a reduction in The Junction’s debt. Area Property Partners will now have a role as asset manager working with Capital & Regional to actively manage the fund’s assets. The life of the fund has been extended to 2013.
 
Deborah Lloyd, partner at Nabarro, says: "Key to securing such a radical restructuring of the fund was the ability to make changes on a 75 per cent vote rather than a unanimous vote. This is because the trust was able to override minority unit holders in circumstances where it was in the best interest of the fund as a whole. This may be of interest to other fund managers in similar situations."

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