International law firm Allen & Overy has advised The Governor and Company of the Bank of Scotland in relation to the debt financing of the acquisition of Spirit Intermediate Acquisitions Limited by Prestbury Wentworth Limited. The share capital of Spirit Intermediate Acquisitions Limited is valued at approximately £504 million. Allen & Overy also advised Uberior Ventures Limited (a Bank of Scotland group member) in relation to its equity investment in Prestbury Wentworth Limited.
Exchange of the sale and purchase agreement in respect of the acquisition occurred on 17 March 2004. Completion occurred on 25 March 2004.
Spirit Intermediate Acquisitions Limited was a part of the Spirit Group, that recently acquired the Scottish & Newcastle licensed estate. Spirit Intermediate Acquisitions Limited owns Spirit Sunningdale Limited, which itself owns a portfolio of 220 public houses, hotels and restaurants (spread throughout the UK), representing approximately 10% of the entire Scottish & Newcastle estate. Upon completion of the acquisition, the properties were simultaneously leased back by Spirit Sunningdale Limited to the existing tenants of the 220 properties. The tenants’ obligations under the leases will be guaranteed by Spirit Intermediate Holdings Limited.
Sanjeev Dhuna commented:
“This is a significant transaction and represents an excellent opportunity to acquire a substantial investment portfolio with excellent capital and income growth potential.”
Partner George Link and senior associate Sanjeev Dhuna led the banking team, assisted by David Sanders and Tim Macmillan.
Partner Alison Beardsley led the corporate team advising Uberior Ventures Limited and was assisted by Charlotte Syms.
Assistant David Barker advised on the real estate aspects.
Taylor Wessing advised Prestbury Wentworth Limited.
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