DLA has completed another acquisition on behalf of Active Asset Investment Management Limited (aAIM), the property investment company for high net worth business leaders and celebrities. aAIM has completed the acquisition through a Jersey unit trust of the £100.5m Sunrise Portfolio from Norwich Union and Land Securities Trillium.
The portfolio consists of seven buildings in Norwich, York and Perth and the transaction is structured by way of a sale and leaseback, with Norwich Union committing to an average lease length of more than 22 years. Land Securities Trillium will continue to manage and maintain these buildings on behalf of Norwich Union.
Real estate partner Richard Crossfield led the DLA team of real estate and corporate lawyers representing aAIM. Glasgow real estate partner David Thomson advised in relation to the Perth property, with John Clark (banking partner) advising in relation to finance, Mark Burgess (corporate partner) advising in relation to complex tax issues and Jonathan Fenton (corporate partner) working alongside Ogier in Jersey to set up the acquisition vehicle.
Daniel McKimm led the Allen & Overy team, which advised Land Securities Trillium. Lovells, whose team was led by Katherine Watts, represented Norwich Union.
Richard Crossfield, DLA real estate partner said: “We are delighted to have worked with the aAIM team on this innovative and complex deal which gives our client the investment return that it is looking for whilst reserving the flexibility that was so important in the outsourcing arrangement between Norwich Union and LST.”
Robert Whitton, aAIM chief executive commented: “This transaction represents a continuation of aAIM’s policy of acquiring commercial property investments which produce long-term indexed income streams from strong tenant covenants, underpinned by high quality real estate.”