Nabarro advises Land Securities on £107.75 m sale of one of London's largest properties
16 September 2008
Nabarro LLP has advised Land Securities on the sale of its 50% holding in Empress State, Earls Court, London, to a 50:50 Joint Venture with Liberty International PLC for of £107.75million.
Land Securities is a UK Real Estate Investment Trust with a national portfolio of commercial property worth more than over £14 billion. Its investment portfolio also has around 60 retail parks and shopping centres. Liberty International is a major UK FTSE 100 listed property company, with shareholders’ funds of £4.7 billion and property investments of £8.6 billion.
The prominent 470,000 sq. ft (43,664 m2) building is let wholly to the Metropolitan Police at a current rent of £12.27m, with annual RPI increases. The new partnership has refinanced the holding through a joint £159million facility with Abbey UK Corporate Banking and Eurohypo.
Property partner Nicholas Vergette led the Nabarro team, alongside Clifford Chance. Mishcon de Reya were the legal advisers to Liberty International, Linklaters advised Liberty on the corporate transaction, and Allen & Overy acted for the lead lenders Eurohypo and Abbey UK.
If you would like any further information or have any queries please contact:
Charlotte Tandy
Lanson Communications
+44 (0)20 7566 9706
charlottet@lansons.com
