Aparna Sehgal


APARNA SEHGAL has a broad lending practice with a primary focus on real estate finance, and considerable experience of acting for lenders, equity investors, sponsors and borrowers on complex multi-jurisdictional transactions involving secured senior and mezzanine debt (investment and development finance facilities) and complex intercreditor issues (senior/mezzanine; tranched senior; tranched mezzanine).

Aparna has acted for clients on matters such as:

  • the acquisition and disposal of commercial real estate (single assets and portfolios) 
  • loan-on-loan financings relating to CRE and residential loan portfolios
  • performing and non-performing loans (NPLs)
  • enforcement strategies (e.g. loan-to-own)
  • loan originations 
  • refinancings 
  • restructurings

Over the course of her career, Aparna has also advised on project and leveraged finance transactions in sectors such as power, general manufacturing, fund-of-funds and for hedge funds expanding into the reinsurance sector. 

Aparna’s geographical experience is diverse, encompassing transactions in the UK, continental Europe, South East and East Asia and the United States. Aparna’s client base is equally varied and Aparna acts for financial institutions, alternative capital providers, private equity funds, multilateral organizations and corporations. 

Prior to joining Sidley, Aparna spent almost three years on secondment to International Finance Corporation based in their offices in Washington, D.C. and Bangkok. She also undertook secondments to CDC Group (at the time of the reorganization of its investment fund management business to Actis Capital), Moscow Narodny Bank and Barclays Capital, and spent several months working with ANZ Banking Group in London on the disposal of their project finance business in Asia, the Middle East and the United States. Aparna also worked in the London, Paris and Washington, D.C. offices of her previous firm.


Aparna’s recent experience includes acting for:

  • The real estate division of an institutional alternative credit provider and a financial institution in respect of their mezzanine loan 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. 
  • A financial institution in its loan-on-loan financing of a circa €1.2 billion residential mortgage loans portfolio in Ireland.
  • The real estate division of an institutional alternative credit provider in respect of its financing of part of the mezzanine debt secured on 30 hotels in the UK and Ireland.
  • A financial institution in its loan-on-loan financing of a circa £1.2 billion residential and commercial mortgage loans portfolio throughout the UK.
  • A property investment fund in respect of the sale of its legal and beneficial interests in a portfolio of real estate backed loans secured on hotels in England and Wales.
  • Health Care REIT Inc. (NYSE: HCN), on the acquisition of a portfolio of care homes in England from Gracewell Healthcare; a further development agreement between HCN and Sunrise Senior Living with the founders of Gracewell pursuant to which further care homes will be developed for, and funded by, HCN; and a related joint venture and joint financing arrangement between HCN and Revera Inc.
  • Kennedy Wilson as purchaser of the Jupiter portfolio comprised of 21 properties located in the UK which collateralized the Fordgate Commercial Securitisation No 1 PLC CMBS transaction. The portfolio was acquired via the successful implementation of a loan-to-own strategy.
  • “Critical Distinctions” (Article on a selective analysis of English and Luxembourg laws governing financial collateral arrangements), International Financial Law Review, October 2013
  • “A Route To Value Realization” (Article on German Trusts), International Financial Law Review, June 2013
  • “The Transatlantic Effect” (Article on selected differences in the doctrine of lenders' liability under US and English law), International Financial Law Review, February 2013
  • “Beyond Optics” (Article on selected differences between New York and English law loan agreements), International Financial Law Review, October 2012
Memberships & Activities
  • Member of the Law Society
  • Member of Sidley’s Committee on the Retention and Promotion of Women
News & Achievements