1 April 2014

Forsters advises key client SWIP on major disposal

Forsters' market leading commercial real estate team has advised long-standing client Scottish Widows Investment Partnership (SWIP), now part of Aberdeen Asset Management, on its disposal of 35 Marylebone High Street, W1. 

The building was the former home of BBC London. It has been sold to luxury residential developer the Royalton Group for £75 million. 

The 56,624 sq ft property to be known as Marylebone Gardens has planning consent for a redevelopment comprising 19 apartments and five townhouses. 

Forsters assisted in enabling a swift sale to the purchaser by the creation and management of an online data room. The use of technology ensured that exchange was concluded within 5 working days of heads of terms being agreed. Completion is due to occur in late June. 

Forsters partner Glenn Dunn acted for SWIP assisted by solicitor Jamie Mangan. In addition Forsters head of construction Sarah Cook and solicitor Richard Spring provided advice on all construction matters. 

Forsters was responsible for the purchase of the building as one of its first instructions when the mandate for management of the various Clerical Medical and HBOS funds was transferred to SWIP in 2011. The firm has assisted with the day to day management of the asset since acquisition. H2SO also advised on the acquisition and disposal of the building. 

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