Howard Kennedy advise Ballymore on sale of major ground rent portfolio
Law firm Howard Kennedy is advising leading developer Ballymore on the sale of a large ground rent portfolio.
Known as Project Oak, the portfolio will include ground rent receipts from 3,654 units across eight of Ballymore’s sites, including phase one of Embassy Gardens in Vauxhall and phase one of London City Island in Canning Town.
The total income from the sites is £1.8m, with the sale expected to attract bids in excess of £65m. Ballymore will sell only the income from the ground rents, retaining the freehold and the management of the assets.
A Howard Kennedy team of 12, led by Real Estate partners David Philips and Kate Woodgate and supported by associate Katy Klingopulos is advising on the structure of the sale and providing full due diligence information to all 3,654 units. The team will advise on the sale, which is expected to complete towards the end of this year.
The eight sites are:
- High Point Village, Hayes, UB3
- London City Island Phase 1, Canning Town, E14
- Embassy Gardens Phase 1, Vauxhall/Nine Elms, SW8
- Pan Peninsula, Canary Wharf, E14
- Tower Warehouse, Wapping, E1W
- New Providence Wharf, Blackwall, E14
- Ontario Tower, Blackwall, E14
- Providence Tower, Blackwall, E14
David Philips said:
It is rare that such a large portfolio of ground rents are put up for sale, and even more so when concentrated into a few key assets. We are delighted to be part of this landmark deal.
John Mulryan, Managing Director, Ballymore said:
We have come up with a way of selling the investment, the income, while maintaining the control of the freehold and maintaining quality. We will continue to manage the estate and the people who have bought from us.
CBRE and KPMG are also advising Ballymore.
Howard Kennedy has 53 partners and numbers 350 people in total and works alongside national and international clients across many disciplines, including banking, corporate and commercial, family, finance, employment, dispute resolution, intellectual property, private client, real estate and tax. Howard Kennedy has particular focus on the Financial Services, Media and Technology, Real Estate, Retail and Leisure, Sports Individuals sectors, and, through HK One, the firm’s legal concierge service for high net worth individuals with complex legal needs.
Matt Baldwin, Coast
Tel: 01233 503200 / 07930 439739
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