LAWFUEL – UK Law News – International law firm, Richards Butler has advised Parkview International London plc on its sale of its interest in the Battersea Power Station site to Real Estate Opportunities Limited, a listed property company.
The Richards Butler team was led by Corporate partner David Boutcher and assisted by newly appointed Corporate partner Mike Young. Complex property aspects were handled by a team led by Real Estate partner, Richard Nicoll who said; “For several years our Real Estate team have been privileged to work with Parkview and their talented team on the legal aspects of this huge regeneration Project.
We have all been captured by the unique charms of the iconic Power Station and its potential as a World ranking leisure and retail destination. With the obstacles to bringing Giles Gilbert Scott’s Building back to life now largely cleared, Richards Butler look forward to seeing the Project move from vision into reality.” Banking aspects of the sale were dealt with by Banking & Finance partner, Nola Beirne. Real Estate Opportunities Limited was represented by a team from Ashurst led by corporate partner Nigel Stacey.
The consideration of the deal (including repayment of debt) is £400 million comprising of £250 million in cash and the issue of £150 million in loan notes by Real Estate Opportunities Limited. The transaction is conditional on the shareholders of Real Estate Opportunities Limited approving the acquisition at the EGM which is expected to be held on 28 December 2006.
David Boutcher commented “Richards Butler is pleased to have advised on this complex transaction which required teamwork and close co-ordination across the diverse practice areas of our partnership”.