International Corporate Rescue
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Vol 22 (2025) - Issue 6
Article preview
Double Luxcos and Their Alternatives in European Real Estate and Leveraged Financings
Tim Lees, Partner, Claire Fawcett, Partner, Clifford Chance LLP, London, UK; Stefanie Ferring, Partner, Clifford Chance LLP, Luxembourg; Folko de Vries, Partner, Clifford Chance LLP, Amsterdam, the Netherlands; and Arnaud Fromion, Partner, Clifford Chance LLP, Paris, FranceSynopsis
The so-called 'Double Luxco' structure is a common feature on many large real estate and leveraged financings in the European market. Sometimes the parties will agree to a structure of this type 'up-front'. On other financings, a Double Luxco will be a condition to an extension, or agreed as part of a restructuring.
This article summarises what a Double Luxco structure is, considers why they have been and continue to be popular, and also explores alternative structures that are becoming increasingly common in financings in the UK, Dutch, and French markets.
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