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Mourant Ozannes has advised the Bizspace group in connection with the £138 million sale of its assets and property portfolio to global alternative investment fund Värde Partners.
Bizspace, which leases commercial units, offices, studios, industrial units and storage to hundreds of businesses, has a 6m square foot commercial property portfolio comprising of 97 multi-let sites located throughout England and Scotland.
The sale of the Bizspace assets and property portfolio, dubbed Project Spring, was managed by PricewaterhouseCoopers and Savills on behalf of RBS, HSBC, Nationwide and AIB (as part of a co-operation agreement between Bizspace and its creditors).
Mourant Ozannes' Finance and Corporate team, led by partner James Hill with associate James Daniel, acted as Bizspace group's Jersey legal counsel on the sale, working alongside Addleshaw Goddard LLP, who acted as English legal advisers.
James Hill said: "We are delighted to have been asked to advise on the sale and it was a pleasure working with the wider team. The UK has been a magnet for global capital in recent years, particularly the real estate market, and Jersey has helped to facilitate and structure many of those deals. It is fantastic for the Island to be building relationships with so many large, global institutions."
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