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20 Sep 2011 11:58
Eversheds advises L&G on £116m student development purchase
International law firm Eversheds has advised Legal and General (L&G) on its £116m purchase of Battersea based student accommodation Griffon Studios, a joint venture between Berkeley First and Imperial College London.
Under the terms of the deal, L&G will let Griffon Studios to Imperial on a 45 year annual RPI-linked lease. From 2056, ownership will revert to the university.
The development includes 452 post graduate flats, which will be completed in October 2011. The remaining 114 apartments will be completed by October 2012. The complex includes a gym, laundry facilities and landscaped gardens.
The Eversheds team was led by partners Steve Manson, Bruce Dear and Steven Smith assisted by associate Emma Perrin and solicitor Lowri Llwyd. Steve Manson commented:
“It is a pleasure to have advised L&G on this strategic acquisition. Student accommodation offers a prime area for investment due to its continued demand, regardless of conditions in the property market generally. We look forward to advising L&G on future matters.”
Derek Gilby, senior fund manager at Legal and General Property said:
“In line with our acquisitions strategy, this purchase represents a rare opportunity to acquire a 45-year index-linked income strip let to a very strong covenant. Eversheds offered a holistic and quality service, allowing a smooth transition of property ownership.”
For more information contact:
Eversheds LLP
Eversheds LLP and its world wide offices have over 4,500 people who provide services to the private and public sector business and finance community. Access to all these services is provided through 45 international offices in 28 jurisdictions. Eversheds combines local market knowledge and access with the specialisms, resources and international capability of one of the world's largest law firms.
www.eversheds.com
