Posted: 25/01/2011
London and South East law firm Penningtons Solicitors LLP has advised property investment company Fourteen Ninety Two Limited on the £107 million refinancing of its property at 17 Columbus Courtyard, Canary Wharf, London.
Acquired in October 2005, 17 Columbus Courtyard is a long let landmark investment providing 200,000 sq ft of premium office space. It is let in its entirety to Credit Suisse First Boston and is part of an interconnecting complex of buildings occupied by the bank at Canary Wharf which includes One Cabot Square.
The deal took place as part of Fourteen Ninety Two's strategy to acquire, on behalf of itself and investors, investment grade office buildings with strong institutional tenants located in prime locations in the United Kingdom.
Penningtons advised Fourteen Ninety Two on all real estate matters including negotiating and settling a Certificate of Title in relation to the property. The deal structure involved senior and mezzanine finance. Penningtons' team was led by Stephen Law, a partner in the firm's Commercial Property Division, assisted by Mike Busby and Lucy Whitehouse.
The lenders were MetLife, advised by Clifford Chance, Duet, advised by Paul Hastings and The Partners Group, advised by Macfarlanes.
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Penningtons Manches Cooper LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority under number 419867.
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