LAWFUEL – Legal Newswire – International law firm Eversheds has advised European Property Investment Portfolio Plc (Europip), a newly established property fund sponsored and managed by Close Investments, on its acquisition of a mixed portfolio of 15 properties in Norway from Kenmore Property Group for approximately 85 million euros. This transaction is expected to be one of the largest in Norway in 2008. Haavind Vislie acted on the Norwegian law aspects of the transaction.
The Eversheds team was led by Simon Mead, who commented:
“This was a significant deal for Close Investments, these properties being the seed assets for the new Europip fund. The deal involved a number of jurisdictions and demonstrated Eversheds’ strength in project managing and delivering pan-European transactions.”
Martin Towns, Director at Close Investments, commented:
“This portfolio gives immense momentum to our European investment strategy. Being our first transaction in Norway it was essential that on this deal our lawyers were up to the job. Eversheds met all of our expectations. Simon Mead and the team delivered a consistently high quality of service and their project management was first class.”
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Notes to editors
Eversheds LLP and its world wide associate offices have over 2,000 legal and business advisers providing services to the private and public sector business and finance community. Access to all these services is provided through our network of international offices. Eversheds combines local market knowledge and access with the specialisms, resources and international capability of one of the world’s largest law firms.
Close Investments provides a broad spectrum of innovative products for institutional, mutual funds and private investors including property, tax mitigation products, manager of managers, specialist fund management (such as fixed income and the Alternative Investment Market) and structured products. Close Investments manages assets of £4bn^. Close Investments Limited and Close Multi Manager Limited are members of the Close Investments Group and each uses the trading name Close Investments. The other members of the Close Investments Group are Close Teams Limited, Fortune Asset Management Limited, and Close Fund Management Limited. Close Investments Limited is authorised and regulated by the Financial Services Authority.
Close Investments products include:
· open & closed ended property funds
· open ended investment companies
· inheritance tax mitigation products
· capital gains tax and income tax mitigation products
· generalist and AIM Venture Capital Trusts
· UK smaller company and AIM investments
· fixed income funds
· structured products
Close Investments is a subsidiary of Close Brothers Group plc.
Close Brothers Group plc is an independent investment banking group which was founded in the City of London in 1878 and is listed on the London Stock Exchange. The Group employs over 2,500 staff and manages assets of £9.1bn*. Its main activities comprise asset management, corporate finance, market making and banking, including asset financing. The Group has established a strong reputation for independence and integrity. Its growth is largely attributable to an entrepreneurial but conservative approach and it has achieved market leadership in several specialist areas