Commitment to client service affects every aspect of our involvement in a transaction. We believe that our partner-led approach allows us to advise succinctly and to turn documents quickly and efficiently. Much of our work is generated by repeat instructions from clients and intermediaries who value the way we work and the service that we deliver. We strongly believe that the transactions that we have worked on are testament to the firm’s ethos in practice.
Corporate and Finance
Landsec
Dickinson Gleeson advised LSE-listed Land Securities Group on its £332.5 million acquisition of a portfolio of three outlet centres from Hermes Investment Management. The portfolio comprised Freeport Braintree in Essex; Clarks Village in Street, Somerset; and J32 in Castleford, Yorkshire, and generates annualised net rental income of £21.6 million. The properties were held through a complex ownership structure and the acquisition was structured as a purchase of units in two Jersey Property Unit Trusts. Dickinson Gleeson also advised on the restructuring of the acquired group soon after completion of the purchase. Corporate Partner Edward Scott and the Dickinson Gleeson team worked alongside English law firm Eversheds-Sutherland. Mourant Ozannes acted for Hermes Investment Management, alongside BLP.
London and Regional
London and Regional instructed Dickinson Gleeson to advise on the Jersey aspects of the refinancing of its Atlas Hotel portfolio with Morgan Stanley. The portfolio consists of approximately 50 hotels, purchased for circa £575,000,000 in 2016. London and Regional is one of the largest privately-owned property companies in Europe, with an investment portfolio of over £9 billion. The refinancing involved five Jersey companies and took place simultaneously with a group reorganisation.
Malaysian Institution
Edward Scott advised on the acquisition by a Jersey company SPV, and financing, of an office building in Windsor, Berkshire for around £55,000,000. The SPV is wholly-owned by a major Shariah-compliant Malaysian institutional investor. Funding was a mix of equity through a Jersey holdco and propco structure, and a murabaha. Edward worked closely with Addleshaw Goddard (English counsel for the SPV) and VG (the SPV’s Jersey corporate administrator). The corporate and finance team also advised the same investor on the £40,000,000 acquisition, through two Jersey companies, of serviced apartments in London’s Bayswater. The Jersey advice also covered structuring the intra-group loan arrangements to finance the acquisition.
Financial Services Opportunities Investment Fund Limited (FSO)
FSO is a fund listed on The International Securities Exchange. In 2016 Edward Scott acted on FSO’s acquisition of a 20% interest in Enhance Group, an investment consultancy group that is regulated by the Jersey Financial Services Commission. In March 2017 FSO increased its interest in Enhance Group by 5%. The transaction involved some restructuring of the shareholdings in Enhance Group Limited, a Jersey company, and liaison with the JFSC. These were Channel Islands transactions and no English counsel was involved, meaning that Edward led on negotiating the terms of the acquisition.
Middle Eastern Investors
The corporate and finance team advised on the establishment of two limited partnership structures for a consortium of Middle Eastern investors to invest in mid-market commercial real estate, mostly in the retail sector. Projects have included:
- The acquisition and financing of a Hertfordshire office block for more than £8m
- The acquisition of high street premises in Sheffield for circa £7m
- A bridge financing
- The development of a Hampshire shopping centre including a facility extension to finance it
- Two separate amendments to senior and junior facilities made available by alternative lenders to finance a shopping centre in Bedford
- The sale of real estate at Albert Dock, Liverpool for more than £11m
As well as advising on the corporate aspects, Edward Scott and John Burns advised on the financing aspects of the transactions, ensuring a joined-up approach.
New River
The firm collaborated with Eversheds to advise New River REIT plc, a FTSE 250 listed Real Estate Investment Trust, on the finance aspects and some corporate aspects of buying out its joint venture partner, a subsidiary of PIMCO Bravo II Fund LP, from four Jersey Property Units Trusts for £60,000,000. New River raised the funds to finance the buy out with a £200,000,000 placing and open offer on the LSE. Two existing facilities had to be amended simultaneously to accommodate the change in the structure, and new security was granted by the buyer of the JPUT units.