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Aparna Sehgal

Partner

London

+44 20 7011 8867

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Aparna is Chair of Winston’s UK & European Structured Finance and Real Estate Finance practice. She advises on the financing of complex, usually highly structured, commercial real estate-backed assets and on back-leverage arrangements. Aparna represents a diverse range of clients across the capital stack, from senior lenders, mezzanine/junior debt providers, borrowers to both back-leverage counterparties and is highly valued for helping deal teams navigate intricate financial structures with strategic insight.

 

Aparna has extensive experience in the commercial real estate finance sector, having worked on multi-jurisdictional single-asset and portfolio financings involving performing and distressed assets, assets under development, the acquisition of non-performing loan (NPL) pools and back-leverage arrangements (loan-on-loan and repurchase facilities).

She has deep expertise in negotiating and documenting complex intercreditor arrangements and advising on cross-border enforcement strategies, including those involving operational assets and intricate opco-propco structures.

In line with the growth of private credit in the UK and across Europe, Aparna has helped a number of alternative capital providers establish UK/European lending platforms, bringing her 20+ years of experience of advising lenders and borrowers on complicated cross-border structures to advise new market entrants on bankable structures and terms.

With a diverse client base of global financial institutions and private credit providers, Aparna has provided guidance on transactions involving assets, portfolios and loan pools in the UK, across continental Europe, the Nordics and the United States.

 

Key Matters

Some of the experience represented below may have been handled at a previous firm.

UK

  • A global alternative investment manager, on its loan-on-loan financings from a financial institution, in connection with financing to be made available by it under multiple facilities to another global alternative investment manager for the acquisition of logistics warehouses, including several in development, across the UK.
  • Various financial institutions, each in its capacity as repo buyer, in connection with the sale of underlying English assets (across asset classes and including under development) under US repurchase facilities (each in excess of US$1B).
  • A financial institution and an asset manager, on their approximately £300M refinancing of existing indebtedness of one of the "big four" healthcare providers in the UK The transaction included a simultaneous sale and leaseback transaction and subsequent complex modifications to the finance and transaction documents to allow for the operation from the same platform of homes owned by AXA Investment Managers - Real Assets, and the implementation of an A/B loan structure on bespoke terms.
  • A financial institution and an asset manager, on their approximately £300M funding of a forward purchase of a portfolio of healthcare homes across the UK and their operator, by a healthcare provider.
  • A financial institution, on its loan-on-loan financing of an approximately £1.2B residential and commercial mortgage loans portfolio throughout the UK.
  • Wells Fargo Bank N.A., on the approximately £300M purchase and development of its European headquarters based in London. The transaction marked the Bank's first freehold purchase outside of the US and included a number of complex construction, development and planning related issues.
  • An alternative capital provider on its circa £175M acquisition and financing of a private hospital in England to be let under a credit tenant lease to one of the big-5 healthcare providers.
  • A financial institution, on its approximately £115M financing of the acquisition and refurbishment by a joint venture of a prime commercial asset in London.
  • A Middle Eastern sovereign wealth fund, on its injection of further monies, structured as additional capital on quasi-mezzanine terms, in connection with the circa £50M redevelopment of a luxury residential development in London.
  • An alternative capital provider on its approximately £50M financing of the development of self-storage facilities in the UK.
  • A financial institution, on its acquisition of the equity (Luxcos) of a portfolio of retail assets in the UK., and on the acquisition of the equity (Dutch B.V.) of a retail asset in Scotland, via a consensual process.
  • A US healthcare REIT, on its funding arrangements for the forward purchase and development of a portfolio of care homes in the UK with one joint venture partner, and its subsequent refinancing and forward funding arrangements with a subsequent joint venture partner.
  • An asset manager and a financial institution, in respect of their mezzanine loans 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.
  • An asset manager, in respect of its mezzanine loans secured on 30 hotels in the UK and Ireland.

Continental Europe and the Nordics

  • A syndicate of financial institutions, on their term sheet for the financing of a circa US$15B bid for the acquisition of a US publicly listed entity owning and operating data centers across the US and in Europe.
  • Various financial institutions, each in its capacity as repo buyer, in connection with the sale of underlying assets in France, Germany, Ireland, the Netherlands, Portugal, Spain, Sweden and Switzerland under US repurchase facilities (each in excess of $1B).
  • A financial institution, on its participation in the financing of the approximately €2.6B take-private by Blackstone of Sponda, a Finnish real estate company.
  • A financial institution, as co-arranger, on the financing of Cerberus' approximately €4 billion acquisition, via participation in a joint venture, of 80% of BBVA' s non-core real estate assets in Spain.
  • A financial institution, on its loan-on-loan financing of an approximately €1.2B residential mortgage loans portfolio in Ireland.
  • A financial institution, on its refinancing of an approximately €200M loan secured on a residential mortgage portfolio in Ireland.
  • A portfolio of companies, on the restructuring of an approximately €200M portfolio of loans secured on a portfolio commercial property assets in Cyprus and Greece.
  • A financial institution on its approximately €80M refinancing of an all-equity acquisition of a portfolio of residential assets in Finland.
  • A financial institution on its approximately €50M part-refinancing of an all-equity acquisition of a portfolio of residential assets in the Netherlands.
  • A global alternative investment manager, on its approximately DKK750M financing of light industrial assets in Denmark and related back-leverage arrangements.
  • An 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, on its potential loan-on-loan refinancing of part of a marina redevelopment in Spain.

Aparna is recognised by The Legal 500 UK for her work in property finance and in securitisation. Clients have stated that she is “a brilliant lawyer, probably one of the best when it comes to highly complex structured financing situations,” with a “…great eye for detail and is brilliant at helping to steer large and often challenging groups of parties towards agreement on the legal documentation.” They add Aparna is “calm under fire and patient when explaining complex points." She was also selected to Lawdragon’s ”500 Leading Global Bankruptcy & Restructuring Lawyers” in 2025.

Capabilities

Finance
Real Estate
Transactions
Structured Finance
REITs
Restructuring & Insolvency
Debt Finance
Financial Services
Health Care
Infrastructure
Retail & Luxury

Key Matters

Some of the experience represented below may have been handled at a previous firm.

UK

  • A global alternative investment manager, on its loan-on-loan financings from a financial institution, in connection with financing to be made available by it under multiple facilities to another global alternative investment manager for the acquisition of logistics warehouses, including several in development, across the UK.
  • Various financial institutions, each in its capacity as repo buyer, in connection with the sale of underlying English assets (across asset classes and including under development) under US repurchase facilities (each in excess of US$1B).
  • A financial institution and an asset manager, on their approximately £300M refinancing of existing indebtedness of one of the "big four" healthcare providers in the UK The transaction included a simultaneous sale and leaseback transaction and subsequent complex modifications to the finance and transaction documents to allow for the operation from the same platform of homes owned by AXA Investment Managers - Real Assets, and the implementation of an A/B loan structure on bespoke terms.
  • A financial institution and an asset manager, on their approximately £300M funding of a forward purchase of a portfolio of healthcare homes across the UK and their operator, by a healthcare provider.
  • A financial institution, on its loan-on-loan financing of an approximately £1.2B residential and commercial mortgage loans portfolio throughout the UK.
  • Wells Fargo Bank N.A., on the approximately £300M purchase and development of its European headquarters based in London. The transaction marked the Bank's first freehold purchase outside of the US and included a number of complex construction, development and planning related issues.
  • An alternative capital provider on its circa £175M acquisition and financing of a private hospital in England to be let under a credit tenant lease to one of the big-5 healthcare providers.
  • A financial institution, on its approximately £115M financing of the acquisition and refurbishment by a joint venture of a prime commercial asset in London.
  • A Middle Eastern sovereign wealth fund, on its injection of further monies, structured as additional capital on quasi-mezzanine terms, in connection with the circa £50M redevelopment of a luxury residential development in London.
  • An alternative capital provider on its approximately £50M financing of the development of self-storage facilities in the UK.
  • A financial institution, on its acquisition of the equity (Luxcos) of a portfolio of retail assets in the UK., and on the acquisition of the equity (Dutch B.V.) of a retail asset in Scotland, via a consensual process.
  • A US healthcare REIT, on its funding arrangements for the forward purchase and development of a portfolio of care homes in the UK with one joint venture partner, and its subsequent refinancing and forward funding arrangements with a subsequent joint venture partner.
  • An asset manager and a financial institution, in respect of their mezzanine loans 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.
  • An asset manager, in respect of its mezzanine loans secured on 30 hotels in the UK and Ireland.

Continental Europe and the Nordics

  • A syndicate of financial institutions, on their term sheet for the financing of a circa US$15B bid for the acquisition of a US publicly listed entity owning and operating data centers across the US and in Europe.
  • Various financial institutions, each in its capacity as repo buyer, in connection with the sale of underlying assets in France, Germany, Ireland, the Netherlands, Portugal, Spain, Sweden and Switzerland under US repurchase facilities (each in excess of $1B).
  • A financial institution, on its participation in the financing of the approximately €2.6B take-private by Blackstone of Sponda, a Finnish real estate company.
  • A financial institution, as co-arranger, on the financing of Cerberus' approximately €4 billion acquisition, via participation in a joint venture, of 80% of BBVA' s non-core real estate assets in Spain.
  • A financial institution, on its loan-on-loan financing of an approximately €1.2B residential mortgage loans portfolio in Ireland.
  • A financial institution, on its refinancing of an approximately €200M loan secured on a residential mortgage portfolio in Ireland.
  • A portfolio of companies, on the restructuring of an approximately €200M portfolio of loans secured on a portfolio commercial property assets in Cyprus and Greece.
  • A financial institution on its approximately €80M refinancing of an all-equity acquisition of a portfolio of residential assets in Finland.
  • A financial institution on its approximately €50M part-refinancing of an all-equity acquisition of a portfolio of residential assets in the Netherlands.
  • A global alternative investment manager, on its approximately DKK750M financing of light industrial assets in Denmark and related back-leverage arrangements.
  • An 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, on its potential loan-on-loan refinancing of part of a marina redevelopment in Spain.

Credentials

Education

Aparna received an LLB (Hons) from the University of Leeds and an LLM from the University of Cambridge.

    Admissions
    • England & Wales

    Related Insights & News

    Recognitions
    Winston Lawyers Featured on Lawdragon 500 Leading Global Bankruptcy & Restructuring Lawyers List

    June 27, 2025

    In the Media

    Aparna Sehgal Participates in Real Estate Capital Europe Alternative Lenders Roundtable Discussion

    June 2, 2025

    In the Media
    Aparna Sehgal Joins Winston & Strawn in London

    February 18, 2025

    Press Release
    Winston & Strawn Grows London Office with Addition of Real Estate Finance Partner Aparna Sehgal

    February 10, 2025

    View All Insights & News

    Capabilities

    Finance
    Real Estate
    Transactions
    Structured Finance
    REITs
    Restructuring & Insolvency
    Debt Finance
    Financial Services
    Health Care
    Infrastructure
    Retail & Luxury
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