LONDON – Global law firm Reed Smith today announced that it recently advised GCP Asset Backed Income Fund in its commitment of £53 million to The Collective, a leading global owner and operator of long and short stay co-living communities, as part of a wider financing provided with Deutsche Bank of up to £140 million.
Exterior of condominium building

This facility is an immediate recommitment from GCP Asset Backed Income Fund, following repayment of its previous term loan to The Collective, for which Reed Smith also advised on. The Collective intends to use this round of financing to fund its global expansion, with a particular focus on the UK, Germany, Ireland and the US.

The partner on the matter was Leon Stephenson, and the Reed Smith team was led by senior associate Maccailein Campbell, with key support from counsel Stephen Mooney and associates Phillip Bergman, Nicolle Odutoye, Rebecca Terrace, and Harrison Stimson.