News & Commentary

London signature building changes hands

After several months of often tense and protracted negotiations, Asserson has completed the purchase of a large landmark office building in the City of London for New York-based Alfred Equities at a price of just under £100 million.

The acquisition on behalf of the expanding Real Estate investment group led by Abraham Schwartz was made through a special purpose vehicle owned by a Jersey Limited partnership. A multi-disciplinary team across Corporate, Property, Finance, and Commercial areas supported the client throughout, developing all key documents and managing negotiations. Work included property due diligence, managing finance from senior and mezzanine lenders within a tight time frame, procuring and managing a warranty and indemnity insurance policy, and engaging with a range of financial and legal advisers for the various parties involved across Jersey, Gibraltar, Luxembourg, the United States, and the UK.

Leading international law firms Pillsbury (for the seller) and Allen & Overy and Linklaters (for the senior and mezzanine lenders respectively) were also involved in the deal. Asserson is now handling post-completion work for the purchaser.

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