Penningtons advises on sale of major Westminster Government building

Posted: 02/08/2011

Penningtons Solicitors LLP has advised property investment company Redicent Limited on the sale of Sanctuary Buildings, Great Smith Street, Westminster, London.

Acquired in Autumn 2006, Sanctuary Buildings is a long let landmark investment building providing 220,000 plus sq ft of premium office space. It is let in its entirety to The Secretary of State for Communities and Local Government at an annual rent of £10.3 million.

Penningtons advised Redicent Limited on all real estate matters including negotiating and settling a Certificate of Title in relation to the property. The Penningtons team was led by Stephen Law, a partner in the firm's Commercial Property Division, assisted by Mike Busby and Rhiannon Thomas. Brian O'Donnell Solicitors also advised Redicent Limited on the corporate aspects of the transaction.

The purchaser, Tishman Speyer, a Luxembourg based spv, was advised by Berwin Leighton Paisner and the lender, Barclays Bank Plc, was advised by Allen & Overy.

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