Edward Scott and Co has supported Landsec with its recent acquisition of 55 Old Broad Street, London EC2.
Landsec acquired the units in the Jersey Property Unit Trust that owns 55 Old Broad Street, from PGIM Real Estate for a headline price of £87m. 55 Old Broad Street, a 100,000 sq ft, 10 storey, office-led building, wraps around Landsec’s City office tower Dashwood and is situated a two minute walk from Liverpool Street station. The deal has exchanged on an unconditional basis and is expected to complete in January.
Edward Scott, Principal, said: “It has been a pleasure working again with the Landsec team, alongside London lawyers CMS, on this significant acquisition. This is one of a number of JPUT transactions that we have worked on at Edward Scott and Co and it highlights that JPUTs continue to be flexible and efficient vehicles for UK commercial real estate investment.
“While we are a small practice, we seem most often to work across from the larger Jersey firms and on some great transactions, but for clients who prefer a more principal-led approach. It is encouraging that such a large investor as Landsec chose us to help them with this transaction”.
Kirsten Faichnie, Consultant, said: “With our small team approach we were able to move quite quickly to complete due diligence and we fitted neatly into the wider advisory team”.
