Taylor Wessing completes trio of deals for real estate joint venture

Taylor Wessing has completed a third deal for a joint venture formed between U.S. fund, Patron Capital and West End investor, Princeton Investments.  Following its recent acquisition of a portfolio of regional city centre office buildings for £135 million, and the acquisition of Cloth Hall Court, Leeds (the regional headquarters of Ernst & Young and Eversheds), Taylor Wessing acted for the joint venture on its recent £26 million acquisition of City Plaza, Birmingham.

The new deal is a prominent Birmingham landmark providing 90,000 feet of office and retail accommodation and was one of the last transactions to be completed via a Jersey Property Unit Trust structure prior to this year's Budget.

Taylor Wessing partner, Keith Barnett said:

"The joint venture partners are highly focussed on achieving maximum value from prime regional offices.  Given the deadline of the budget, this transaction had to be completed in less than three weeks from start to finish.  This gave us a further opportunity to demonstrate our focussed multi-disciplinary approach to corporate real estate transactions"

Keith Barnett led the corporate real estate team at Taylor Wessing, which included partners, Dominic Ross (finance), Peter Jackson (tax) and Paul Burke (corporate).  The vendor CGIS was represented by Martin Quicke of Clyde & Co.  Bedell Christin provided advice on Jersey law.