Forsters advises on £500m sale of City landmark building Plantation Place
Forsters represented the Trustees of One Plantation Place Unit Trust (OPPUT), the owner of landmark building Plantation Place in London EC3, on property matters arising out of the sale of 100% of OPPUT to a consortium of investment funds and companies indirectly owned by the Safra family. The sale of OPPUT was for a value of circa £500m and represents the largest single asset property transaction in 2012 in the UK.
The selling Unit Holders of OPPUT included: Stobart Property Ltd, a subsidiary of the Stobart Group; SREIT (No. 2) Ltd, Jersey listed fund managed by Schroders Real Estate Investment Trust Limited, and Clerical Medical Investment Group Limited, represented by Scottish Widows Investment Partnership (SWIP).
Forsters were appointed to represent the Trustees on property matters relating to Plantation Place following the Unit Holders' acquisition of OPPUT from British Land in 2006. Partner Glenn Dunn led the Forsters team, assisted by Ruth de Maupeou and Tina Heathcote.
Other members of the property management team included Tishman International (asset advisers), Broadgate Estates (building managers) and Mellersh & Harding Building Consultancy (building surveyors).
Wayne McArdle at Gibson Dunn led the Unit Holders' team on corporate matters. Linklaters (Patrick Plant) represented the buyers and Delancey (advisers to the buyers) were advised by Jones Day (Neil Ferguson and Iain Hindhaugh).