5 December 2014

Forsters advise on SEED portfolio sale

Forsters has advised Europa Capital on the sale of a portfolio of retail and office properties to a REIT sponsored by Canaccord Genuity for a sale price of £76.7 million. This is the first purchase by the REIT since it was launched.

The five assets sold in the portfolio include St Philip's Point, located on Temple Row in central Birmingham comprising a 100,000 sq ft office building over 11 floors let to AXA, Baker Tilly and Weightmans solicitors, with approximately 11,000 sq ft of retail accommodation at ground floor level, fronting onto Cannon Street. Further properties in the portfolio include the newly refurbished Phoenix House in Reading and Clywd Retail Park in Rhyl, Wales. The aggregate annual rent roll under the portfolio is £5.7 million.

The transaction was structured as a part asset sale and part sale of 100% of the issued units in a property holding unit trust. Forsters Senior Partner Smita Edwards led the Commercial Real Estate team advising on the transaction, assisted by Claudia Green and Owen Dutton. Head of Corporate Craigie Pearson, assisted by Naomi Trinh, advised on the corporate side.

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