We advised Sycamore Partners on the refinancing

Davis Polk advised affiliates of Sycamore Partners Management, L.P. in connection with the $490 million mortgage loan refinancing of a portfolio of 207 retail properties located across 42 states and one U.S. territory, each of which is leased to a wholly owned subsidiary of Walgreens Boots Alliance, Inc. (WBA). The financing was provided by UBS AG New York Branch and Wells Fargo Bank, as co-lenders, and is being securitized as a single-asset, single-borrower (SASB) commercial mortgage-backed securities (CMBS) loan. Davis Polk previously advised affiliates of Sycamore Partners on the initial financing for the portfolio, which was part of a larger financing package in support of Sycamore Partners’ acquisition of WBA, completed in August 2025.

Sycamore Partners Management, L.P. is a private equity firm based in New York with approximately $11 billion in aggregate committed capital. The firm, which was formed in 2011, specializes in consumer, distribution and retail-related investments, and it partners with management teams to improve the operating profitability and strategic value of their business. Sycamore Partners’ investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds.

The Davis Polk real estate team included partner Brian D. Hirsch, counsel Nick Soilleux and associates Edward Peck, Alison Wulfe and Eli Feuerman. Partner Aliza Slansky and associate Katherine S. Xiu provided tax advice. Counsel David A. Zilberberg and associate Timothy J. Sullivan provided environmental advice. All members of the Davis Polk team are based in the New York office.

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