Olswang - Mixed-Use Sale - London, Brixton Buys Property for £97m in Two Deals

Date: 28 Sep 2006

Olswang has acted for Brixton plc on the purchase of a site in Park Royal for £47.125 million and a Heathrow property for £50 million.

Brixton is the leading specialist owner of industrial and warehousing space in the UK and both these transactions support the company's desire to reinvest the proceeds from sales earlier this year.

Brixton plans to develop the 24 acre, Park Royal site with more than 500,000 sq ft of industrial and warehouse accommodation, commencing in 2007.

Brixton purchased Poyle 14 on Horton Road at Heathrow Airport from Threadneedle Property Investments Limited. Comprised of a mix of 17 standard and higher office content industrial and warehouse buildings, the 230,000 sq ft estate is the closest warehouse estate to Heathrow's new Terminal 5 building which is scheduled to open in early 2008.

These are the first deals Olswang has completed since the firm became one of Brixton's commercial property advisers in December last year. Commenting on the transaction David Saunders, Olswang real estate partner, said, "Brixton is a pre-eminent player in the property industry and the continued success of the company is reflected in its recent acquisitions. For Olswang, working with Brixton has affirmed our solid and respected real estate practice and these deals have been a great start to our new relationship with Brixton."

Leading the deal from Olswang were real estate partners David Saunders and Martyn Needham assisted by Heidi Henson and Julien Allen.

Simmons & Simmons advised Threadneedle on the sale of the Heathrow site.

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