BLP, LG and Macfarlanes head up £139m sale of Pinsents' London base
LG and Berwin Leighton Paisner (BLP) are among a number of firms to have taken roles on the £139m sale of Pinsent Masons' City headquarters. BLP advised the purchaser, German fund manager Hannover Leasing, with a team led by commercial real estate partner Graham Lloyd-Brunt and real estate finance partner Jo Solomon.
September 14, 2011 at 07:03 PM
2 minute read
LG and Berwin Leighton Paisner (BLP) are among a number of firms to have taken roles on the £139m sale of Pinsent Masons' City headquarters.
BLP advised the purchaser, German fund manager Hannover Leasing, with a team led by commercial real estate partner Graham Lloyd-Brunt and real estate finance partner Jo Solomon.
The seller, Greycoat Central London Office Fund, was advised by Macfarlanes, with financial services partner Tim Cornick and tax partner Mark Baldwin taking the key roles, while Wedlake Bell also acted for the UK property company with a team headed up by commercial property partner Malcolm Macfarlane and corporate partner Edward Craft.
Meanwhile, LG advised German banks Deutsche Hypo and Deutsche Postbank on the debt funding of the sale, fielding a team led by banking head Nick Turner alongside corporate tax partner Elliot Weston.
Turner said: "This deal is typical for a German fund because it is a prime asset with a strong covenant let on an institutionally acceptable term. We can expect more of this kind of activity as the real estate market picks up for strong assets and German funds continue to invest in the UK."
The 19-storey building is 85% let to Pinsents. The remaining 15% is occupied by real estate company Crown Place Financial.
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