Real estate
Ground leases, rate risk, and the return of the participating lender
Lenders are again asking for a share of realized value instead of margin. The drafting question is where participation ends and control begins.
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Partner
Development, ground leases, and the financing structures behind logistics and data center portfolios.
Callum Nairn advises owners, developers, and lenders on real estate and infrastructure assets, with a concentration in logistics, data centers, and mixed-use development in the United Kingdom and Western Europe.
Much of his current work involves recapitalizing portfolios assembled when debt was cheap and refinanced when it was not. He has developed a particular practice in participating and profit-share lending structures, which returned to the market faster than most of his clients expected.
He trained and practiced in Edinburgh before joining the firm's London office in 2010, and has been a partner since 2017.
Also in London
Contact Callum Nairn
Write to callum.nairn@marloweandsterling.com or call +44 20 7946 0191. Please describe the matter in general terms and name the parties involved so we can run a conflicts check before discussing anything substantive.