IBB Advises BAM on 47.7 million Sale of 610 Chiswick High Road
21st December 2012
London (20 December 2012) – Leading west London law firm IBB Solicitors has today successfully completed the £47.7million sale and the £2,596,191 per annum letting of offices at 610 Chiswick High Road which completed on 12 November 2012, on behalf BAM Properties, the property development arm of BAM Construct UK.
IBB Solicitors advised on the sale of the Chiswick Green development to M&G Property Portfolio. British Overseas Bank Nominees Limited (British Overseas Bank Nominees) and WGTC Nominees Limited (WGTC Nominees) acted as trustees. IBB Solicitors also completed on the 15 year lease of 66,500 feet² to the UK branch of Viasat Broadcasting Limited (Viasat), one of the largest satellite companies in the world. Modern Times Group MTG AB, a Swedish company, is acting as guarantor for Viasat.
BAM’s development at Chiswick Green was completed in February 2012 with Grade A specification, BREEAM Excellent rating and Energy Certificate B and attracted a great deal of interest from potential tenants and investors.
The IBB Solicitors team who acted on this deal was led by Juliusz Wodzianski, a partner in the firm’s Commercial Real Estate Group. Juliusz advised on the leasing and sale of the premises. Assistance on the due diligence aspects of the deal was provided by Tara Flavin, solicitor in the Commercial Real Estate Group.
Juliusz Wodzianski has acted for BAM for over 20 years including the £175 million sale of 7 headquarters office buildings under construction in 2008 and the £35 million sale of office headquarters in Bristol to an investor and their development schemes in Aztec West, Glory Park and others.
British Overseas Bank Nominees and WGTC Nominees, who acted as trustees and nominees for and on behalf of M&G Property Portfolio, were advised by CMS Cameron Mckenna LLP. Viasat and Modern Times Group MTG AB were advised by Burges Salmon.
Commenting on the completion Juliusz Wodzianski said:
“It has been a real pleasure to work once again with BAM on the sale and letting of this impressive, sustainable and high-quality office space. The deal was both exciting and complex in regards the legal opinions of the Swedish guarantor, Modern Times Group, the pre-emption and option agreement and the need to structure the deal in the event Viasat want to take on the whole lease in the future. A challenging but very satisfying completion!”
Clwyd Roberts Development Director of BAM Chiswick said:
”The Chiswick Green build was the first speculative development in the West London and Thames Valley market after the economic crisis and the completion of both the letting and sale of the property signifies our decision to re-enter the market in West London in Spring 2010 was entirely justified. This is the latest successful example of our strategy of developing highly sustainable buildings in prime locations. We are delighted to have worked with IBB Solicitors once again and continue to be impressed by the level of service the firm provides. ”
For more information:
Claire Scott, Byfield Consultancy, email@example.com 0207 0923982
Alison Stawarz, IBB Solicitors, firstname.lastname@example.org 08456 381381
Notes for editors
1) IBB is recognised in the Legal 500 as a South East regional heavyweight.
2) The firm has offices in Uxbridge and Chesham (Bucks). It is a full service law firm handling complex legal work for both businesses and individuals across four main practice areas — Real Estate, Corporate & Commercial, Private Client and Community Legal Services.
3) The private client office at Chesham offers a wide range of services to high net worth individuals, their families and businesses, including: family and matrimonial; residential conveyancing; wills, trusts and probate.