Top 40 law firm Trowers & Hamlins has advised Watford Borough Council on the acquisition of Croxley Park, a leading M25 business park with circa 700,000 square foot of office and business space across 13 buildings, by way of an income strip lease.
The transaction included structuring to ensure compliance with local government law and guidance and also secures funding for the long term future of Croxley Business Park. The seller was Columbia Threadneedle.
The Council was able to secure up front finance at the same time as taking control of the management of a key business park. The landlord fund will benefit from a long term income with fixed annual uplifts from a tenant with a strong covenant.
Asset management arrangements with the seller were also entered into to ensure a smooth transition following acquisition and we advised the Council on suitable protection to deal with ongoing works to construct a new office building on site.
Patrick Morris, Trowers & Hamlins partner, said:
"We're delighted to have achieved such a successful outcome for a satisfied client. Our role in this project demonstrates us building on our expertise in public/private sector income strip transactions, and what we can offer local authority clients."
Teams from both the London and Manchester offices worked on this transaction: Patrick Morris, Anna Metham and Rachel Vaughan advised on commercial property aspects of the deal, Paul McDermott advised on local government law structuring and Katie Saunders, Jo Davies and Mamun Rashid advised on construction.
