Successful £250 million refinancing of Shinfield Studios

News

08.07.2025

We are pleased to announce our role in the successful £250 million refinancing of Shinfield Studios, the major film studio complex located in Reading. The transaction saw Apollo join as the new lender, with Cain International stepping down as the outgoing lender.

The transaction involved a number of leading legal advisers: Jones Day acted for Cain, Linklaters advised Apollo, and BCLP represented the security agent. Kirkland & Ellis advised the client on banking matters.

Our firm was instructed to support Shinfield Studios working with the incoming lender, providing comprehensive advice across multiple disciplines. Our work included:

Preparing a detailed Certificate of Title and construction report covering the studio’s extensive property and construction interests;
Delivering a due diligence report on material commercial contracts; and
Negotiating and finalising the complex terms of the Facility Agreement and Security Agreement in collaboration with Kirkland & Ellis.

This matter was handled by a multidisciplinary team across the firm, including:

Commercial Property: Mark Gauguier, Kate Corke, Sarah Aggarwal, Jamie Goldberg
Construction: Clare Reddy
Planning: Karen Phull, Amy Penrose
Corporate: Jonathan Haley, Rosanna Taylor
Banking: Martin Blake, Graham Dunn, Jessica Richards
Employment: Jennifer Williams
Tax: James Bromley, Katjana Cleasby
IP & Commercial: Matthew Konadu-Yiadom

The transaction was completed on a highly accelerated timeline, and we are proud to have delivered a successful outcome for our client. Their feedback speaks volumes:

"We are incredibly grateful to Farrer for their exceptional work and dedication getting this deal across the finish line. It's been nothing short of a pleasure, both personally and professionally, working together to achieve this milestone for the company. We look forward to continuing to grow our relationship in the future.” Thuong Luong, Shadowbox EVP of Real Estate Investments & Acquisitions.

Mark Gauguier adds “We’re delighted to have advised Shadowbox Studios on the successful refinancing of Shinfield Studios, a landmark production facility for the UK film industry. This transaction reflects our ability to work collaboratively with our client and their other advisers, deliver under pressure and navigate complex, high-impact deals.”