Addleshaw Goddard and Taylor Wessing advise on multi million Corporate Real Estate transaction

Addleshaw Goddard has advised Squarestone Central London Limited Partnership, the innovative real estate and investment vehicle, on its £28m acquisition of the Salaman Portfolio from a private property investment company advised by European law firm, Taylor Wessing.

As a result of this significant transaction, SCLLP has acquired four high profile sites in Central London. One of 20 bidders, Squarestone purchased the buildings which boast a mixed portfolio of retail, residential and office space. Two of the buildings are located in prime West End locations, on Charing Cross Road and Great Marlborough Street, the third is in Victoria and the fourth in Southwark.

Addleshaw Goddard's Corporate Real Estate team lead by Philip Goodstone originally set up the Squarestone Central London Limited Partnership (SCLLP) utilising a limited partnership structure two years ago. The partnership includes Monteagle Barlow Trust Limited (MBT) and Granton Investments Ltd (GIL) for whom Addleshaw Goddard also act.

Real Estate associate Christopher Cartwright led the transaction for Addleshaw Goddard, exchanging contracts in just seven days.  Real Estate partner, and client relationship partner, Jane Hollinshead  commented: 'This latest purchase will provide the partnership with considerable active management opportunities and is part of our client's overall investment strategy. The Salaman portfolio will allow SCLLP to manage the buildings more actively and therefore the potential for improving returns - we are pleased to continue to contribute to its strategy.'

The Taylor Wessing team advising the seller consisted of Real Estate partner, Elaine Colville and associate, Sarah McKenzie.  Real Estate partner, Elaine Colville, commented: 'This was a seamless, controlled transaction, where we were able to achieve the surprising timescale owing to efficiency in the preparation of the due diligence package'.