SJ Berwin - Offices Development - £110m portfolio

Date: 23 Apr 2003

SJ Berwin’s leading property finance specialist, David Ryland, has acted for Matrix Securities, in connection with the acquisition of a portfolio from Bruton Holdco for the sum of £110m.

The transaction involved complex structuring including the acquisition of interests through two separate Jersey partnerships.

David was assisted by Adam Teare and Andrew Clarke (Corporate Finance), Adrian Brettell (Tax) and Pat Ryan (Property).

Nabarro Nathanson (Jack Marriott, Marcus Wellman and Graham Lust) acted for Bruton Holdco.

Secondly, David advised Matrix in connection with a syndicated purchase of a long leasehold interest in land at Cobalt Business Park Newcastle upon Tyne, with an agreement with the Developer to construct 146,500 sq. ft. of office space alongside 560 car parking spaces on 6.89 acres of land for a total price of £34m. The deal included an immediate leaseback of 16 units to the developer, Highbridge Business Park.

Cobalt Business Park lies within the North Tyne Riverside Enterprise Zone

David was assisted in this transaction by Karin Horsley (Property) and Ian Reid (Construction), Kate Mitchell (Environment) and Matthew Mainstone (Planning)

Theodore Goddard (David Wilkinson) advised Highbridge.

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