Aparna Sehgal


Aparna Sehgal


London | 160 Queen Victoria Street, London, UK EC4V 4QQ
+44 20 7184 7363 | +44 20 7184 7001


Aparna Sehgal focuses her practice on real estate finance in the UK and continental Europe, and significant experience advising on complex multi-jurisdictional transactions involving senior and mezzanine debt secured on real estate and complicated intercreditor issues. Ms. Sehgal’s clients include financial institutions, alternative capital providers and corporates, and she represents the interests of arrangers, lenders (senior and mezzanine), agents, trustees, preferred equity investors, sponsors and borrowers (including joint ventures). Her clients participate across the capital stack.

Ms. Sehgal acts on a range of financing matters in connection with real estate, including: loan originations involving complex structures (including opco-propco structures) connection with the acquisition and development of commercial real estate (CRE), the refinancing or restructuring of indebtedness secured on CRE, and the acquisition of non-performing loans (NPLs)); loan-on-loan financings (involving performing and distressed underlying assets); the acquisition and sale of distressed and non-performing loans secured on real estate; and insolvency and enforcement strategies (e.g., loan-to-own, consensual / quasi-consensual processes). Ms. Sehgal has advised on transactions in the UK, continental Europe, Russia, Scandinavia, South East and East Asia, and the United States.

Ms. Sehgal also advises clients on a range of more general financing matters, such as margin loan and letter of credit (LC) facilities.

Chambers UK 2019 recommends Ms. Sehgal as a leading real estate finance lawyer and her writing has appeared in International Financial Law Review.

Prior to joining Dechert, Ms. Sehgal was a partner in the London office at another global law firm. Over the course of her career, she has undertaken secondments in Washington D.C. and Bangkok with the International Finance Corporation, and in London with CDC Group; Moscow Narodny Bank; and Barclays Capital. She also spent several months working with ANZ Banking Group in London on the disposal of part of their project finance business in Europe, the Middle East and North America. 

  • University of Leeds, LL.B. (Hons)
  • University of Cambridge, LL.M.
  • England and Wales
  • A financial institution and an institutional asset manager on their approximately £300 million refinancing of existing indebtedness of one of the "big four" healthcare providers in the UK. The transaction included complex intercreditor negotiations with multiple parties and a simultaneous sale and leaseback transaction and, subsequently, complex modifications to the finance documents to allow for the operation from the same platform of homes owned by AXA Investment Managers – Real Assets.
  • A financial institution and alternative capital provider on their approximately £300 million funding of a forward purchase of a portfolio of healthcare homes and their operator by a healthcare provider in the UK from another healthcare provider in the UK.
  • A US healthcare REIT on its funding arrangements for the forward purchase and development of a portfolio of care homes, and its subsequent refinancing and forward funding arrangements with a joint venture partner. 
  • A financial institution on its participation in the financing of the approximately €2.6 billion take-private of Sponda, a Finnish real estate company, by Blackstone.
  • A financial institution, as co-arranger, on the financing of Cerberus’ approximately €4 billion acquisition, via participation in a joint venture, of 80 percent of BBVA’ s non-core real estate assets.
  • An institutional alternative asset manager on its acquisition of an NPL pool of commercial property loans and receivables in Slovenia, and a subsequent intended loan-on-loan part refinance.
  • A financial institution in its loan-on-loan financing of an approximately €1.2 billion residential mortgage loans portfolio in Ireland.
  • A financial institution in its loan-on-loan financing of an approximately £1.2 billion residential and commercial mortgage loans portfolio throughout the UK.
  • A financial institution on its potential loan-on-loan refinancing of part of a marina redevelopment in Spain.
  • A financial institution on its refinancing of an approximately €200 million loan secured on an Irish residential mortgage portfolio.
  • An alternate capital provider in negotiating a bespoke settlement agreement in respect of its exit as a mezzanine lender in advance of repayment of the senior debt and restructuring surviving intercreditor arrangements.
  • Wells Fargo Bank N.A. on the approximately £300 million purchase and development of its new European headquarters based in London. The transaction marked the Bank’s first freehold purchase outside the United States and included a number of complex construction and development related issues.
  • A financial institution on its funding of the acquisition by Goldman Sachs and Greycoat of Vintners Place, a prime commercial asset in London.
  • A portfolio of companies on the restructuring of an approximately €200 million portfolio of loans backed by commercial property assets located in Cyprus and Greece.A Middle Eastern sovereign wealth fund on its injection of further funding, structured as capital on quasi-mezzanine terms, in connection with the redevelopment of a residential development in London.
  • The real estate division of an institutional alternate capital provider and a financial institution in respect of their mezzanine loan secured on seven retail sites in England and Scotland and, further, in respect of the subsequent tranching of the mezzanine debt as between the two mezzanine loan providers.
  • The real estate division of an institutional alternate capital provider in respect of its financing of part of the mezzanine debt secured on 30 hotels in the UK and Ireland.
  • A financial institution on its investment on a portfolio of commercial real estate assets in the Netherlands.
  • A property investment fund in respect of the bifurcated sale of its legal and beneficial interests in a portfolio of real estate backed loans secured on hotels in England and Wales.
  • A Middle Eastern sovereign wealth fund on its injection of further funding, structured as capital on quasi-mezzanine terms, in connection with the redevelopment of a residential development in London.
  • An alternative capital provider on its take out by a new equity investor in a multi-jurisdictional group acquisitive in the childcare provision services sector in England, via an opco-propco structure.
  • Kennedy Wilson as purchaser of the Jupiter portfolio comprised of 21 properties located in the UK which collateralized the Fordgate Commercial Securitisation No 1 PLC CMBS transaction. The portfolio was acquired via the successful implementation of a loan-to-own strategy.
  • A financial institution on its acquisition of the equity of a portfolio of retail assets in the UK via a consensual process.
  • Acrisure Holdings, Inc. (parent of Acrisure, LLC, one of the largest providers of insurance brokerage services in the United States) on the refinancing of the Beach insurance intermediary business’ (in the UK, Canada and the United States) existing indebtedness, in connection with its acquisition of that business from existing shareholders (including Aquiline Capital), and the financing of such acquisition. 
  • A financial institution on its provision of a letter of credit facility to a fund of funds invested in the reinsurance sector.
  • An institutional alternative asset manager on margin loan facilities, including involving Turkish securities. 

Includes matters handled at Dechert or prior to joining the firm.