Sally is a Manx Advocate. Since 2005 her practice has focused extensively on UK commercial real estate (CRE) financing through Isle of Man (IoM) vehicles (primarily companies, limited partnerships, property unit trusts and closed-ended funds) and CRE-related work (including the establishment of IoM structures and CRE acquisitions, through to the ultimate disposal of the relevant corporate vehicles or underlying assets).
Her established investor client base comprises a number of special opportunity funds and high-net-worth individuals investing in London and the South East (including (serviced) offices and hotels), as well as regional assets across a range of asset classes (PRS, student accommodation, logistics, offices and retail/leisure).
She also regularly acts for a variety of lenders providing both investment and development financing to IoM CRE structures. Clients include well-known global and national institutional lenders, as well as providers of mezzanine and bridging finance.
Sally works collaboratively with her clients’ lead UK tax and legal advisors (predominantly silver circle and magic circle firms), together with other top-tier IoM law firms and local fiduciary services providers. She routinely acts with her IoM team’s banking and finance colleagues.
- Real estate and asset finance
- Joint ventures and private equity structures
- Banking and funds
- Listed vehicles, fund structures, trading companies, and asset-holding SPVs
- Loan, security and hedging documentation
- General corporate and commercial matters
- Advised a UK clearing bank in relation to the accession of an IoM holding company (and 18 IoM subsidiaries) to an existing £303M credit facility originally advanced to a BVI-incorporated subsidiary of Redefine International Plc.
- Advised a UK clearing bank in relation to the IoM aspects of its advance of £50M to a Guernsey property unit trust and underlying SPVs incorporated in the IoM and Guernsey which hold a portfolio of care homes in the UK.
- Advised a private equity firm in relation to its disposal of an IoM corporate vehicle which holds a portfolio of boutique serviced-office accommodation in London, including associated intragroup restructuring and required amendments to existing senior and mezzanine finance arrangements.
- Advised a private equity real estate fund regarding its acquisition of a UK-wide portfolio of approximately 30 retail, industrial and office assets for £150M and the associated financing with Wells Fargo Bank N.A.
- Advised a private equity real estate fund in relation to its disposal for circa £115M of an IoM corporate vehicle which holds a portfolio of 7 distribution/logistics assets.
- Provided advice to a leading international financial institution relating to the provision of funding to a global group which specialises in the provision of logistics and supply chain services in the technology and automotive sectors. The multi-jurisdictional transaction involved several distinct elements including:
- initial provision of bridge finance c. US$25M;
- the subsequent extension of the liquidity facility by US$50M to assist with the restructuring process; and
- further complex restructuring for the purpose of providing a long-term solution to group solvency issues, which included the restructure the group through the use of a UK scheme of arrangement. New funding included the conversion of the existing liquidity facility into a new first out term loan (US$125M) (TLF), (ii) the conversion of an existing c. US$900M parent credit facility into a new second out term loan (US$225M and equity) and (iii) the provision of a new asset-based loan facility (US$135M), which included detailed new intercreditor arrangements and an additional collateral package being taken in relation.
- Advised a leading UK-based developer in connection with the entry into certain funding agreements with Luxembourg-incorporated funders relating to the proposed development of (i) c. 380-bed student accommodation on the site of a business park in Coventry (£40M) and (ii) a variety of student accommodation across a site comprising a portfolio of several freehold properties in Brighton (£63M).
- Advised Melford Capital in connection with a number of CRE acquisitions, related external financing and intra-group funding and subsequent disposals (asset and SPV) across a variety of asset classes, most recently including retail parks (Luton and Newbury), nursing homes (Bromley) and multi-tenanted asset, Great Western Studios.
- Assisted Greenridge Property Investment Limited in relation to various transactions involving the acquisition via IoM structures of a portfolio of properties including retail parks (Aberdeen and Elgin) and a mixed-use building (Capital Quarter, Cardiff), together with the associated intra-group and third-party financing. Also advised Greenridge in connection with the re-financing of 3M’s Headquarters, Bracknell. Total external funding c. £140M.
- Advised Clearbell Capital LLP in respect of various deals, most recently including (i) the disposal to Blackstone for £120M of the Cara portfolio comprising 22 logistics sites, (ii) the acquisition and related financing of 65 Kingsway (Grade II listed, Art Deco office building) and (iii) the purchase and associated funding of two Luxembourg SPVs which own retail parks in Stoke and Birmingham.
- Assisted Frogmore Real Estate Partners LLP with the Isle of Man legal elements relating to the client’s acquisition of Lingfield Point (an 85-acre business park in Darlington) from Clearbell Capital LLP and related external re-financing (£45M) post-completion.
- Advised a company (listed on the MDAX index) in relation to its provision of a short-term secured term loan facility of €324M to part-finance the acquisition by a BVI-incorporated property management company (from a consortium of Middle Eastern sovereign wealth investors) of a majority shareholding in an IoM fund (that ultimately holds a portfolio of circa 5,000 residential units in Berlin).
- Advised an independent property group on the re-financing (by AIG) of existing funding arrangements relating to (i) an extensive portfolio of properties in London (Basildon, Croydon, Bracknell, Norbury, Sutton and Colliers Wood) and associated provision of development funding in connection with certain of those properties (£257M) and (ii) a material portfolio of leisure properties (hotel, cinema, restaurants) in London’s West End (c. £280M).
Please note: The experience list above may include examples of work completed prior to joining Keystone Law.
Sally Cranshaw provides particular expertise in corporate matters such as M&A and asset financing.
“She’s very good technically, takes the time to get to the nub of the transaction and is very committed and user-friendly,” remarks an interviewee. Chambers UK 2020
Recognised by The Legal 500 2020 for (i) Isle of Man: Banking & Finance and (ii) Isle of Man: Corporate and Commercial
Sally Cranshaw of Keystone Law covers both corporate and finance work and is thought of by clients as “thorough, efficient and technically proficient”. She has recently demonstrated a particular range of skills in handling real estate financing transactions. Chambers UK 2019
Recognised by The Legal 500 2018 for (i) Isle of Man: Banking & Finance and (ii) Isle of Man: Corporate and Commercial
“Completely reliable” The Legal 500 2018
“Always knowledgeable and gets the deal done” The Legal 500 2018
The “excellent” Sally Cranshaw of Keystone Law is held in high regard by market commentators. Her transactional experience covers a number of sectors and she specialises in real estate property finance. Chambers UK 2018
Sally Cranshaw was recognised by The Legal 500 2017 for Corporate & Commercial and in The Legal 500 (2015 and 2016) for banking and finance work.
Sally is a member of the Isle of Man Law Society.
In addition to being a Manx Advocate, Sally is a Commissioner for Oaths and a Notary Public in the Isle of Man.
Sally qualified as a Manx Advocate in 2003. Prior to joining Keystone Law in 2017, she worked at Cains.