LAWFUEL – Law, legal, law firm, attorney, property law news Allen & Overy is advising Brixton plc, the leading property company, on its £600 million acquisition of various entities (Industrious) from subsidiaries of Industrious Holdings (Jersey) Limited. Industrious was previously known as Saville Gordon, which was acquired in 2002 by Chambercroft Limited, an acquisition vehicle backed by Morgan Stanley Real Estate Funds (MSREF).
Industrious includes 163 properties (with 2,262 units) covering 11.6 million square feet of almost entirely industrial stock, all in the UK, and is worth £675 million. As a result of the acquisition, Brixton will become the largest industrial landlord in the UK. In view of its size, the acquisition is subject to shareholder approval.
Corporate partner Alison Beardsley and real estate partner Robert Porter are leading the Allen & Overy team, assisted by associates Rory Mullarkey, Colin Whittington and Bob Penn. The ability to complete this transaction so swiftly is a further example of the strength of A&O’s practice in the real estate sector.
Jon Vivian led the S J Berwin team provided due diligence support. Sarah Jones of Clifford Chance LLP advised MSREF.
Alison Beardsley commented: “It has been great to work with such a dynamic team at Brixton. Their strategic approach to the bidding process enabled the deal to be signed in under two weeks. For a transaction of this size and complexity, this is a tremendous achievement for the deal team.”
Robert Porter added: “This is a pioneering transaction, involving a combination of offshore and domestic partnerships, companies and unit trusts. It is a major strategic move for Brixton and we are delighted to be working with them on this. This is yet another example of our real estate and corporate practices working hand-in-hand on a major transaction, offering our clients a seamless service on all property deals.”
For further information, please contact Jo Shepherd ([email protected]) in London on +44 (0)20 7330 2195 or on +44 (0)7771 896 290.