LG advises Numisma on one of the largest retail property transactions in the EU this year
23 August 2007
LG, the business law firm, has advised the Numisma Fund ("Numisma") on the purchase of the ‘Project David’ retail portfolio, taking the value of Numisma's own portfolio to over €1 billion.
The Project David portfolio consists of 17 DIY stores operated by Hela, nine food stores and five hypermarkets, as well as a head office and distribution warehouse in south Germany.
The LG team advising the retail management fund was led by real estate partner Christine Jackson, banking and finance partner Charles Malpass, real estate associate Bradley Silver and corporate associate, Richard Evans.
LG also project managed a team of European and overseas lawyers in Germany, Holland and Dutch Antilles.
Christine said "The project required operating within strict and challenging time frames and including ensuring that project finance was in place. It was a pleasure to work with the McCafferty team and their overseas advisers to deliver this project for our mutual client, the Numisma Fund."
Numisma is a joint venture between the Guernsey based Pervaiz Naviede Family Trust (PNFT) and the Stenham Group.
Since its launch in October, 2005, the Numisma joint venture, supported by financing from Hypo Real Estate Bank, had invested nearly €600m in Germany and Switzerland, principally in the retail, office and hotel sectors.
LG also advised Numisma on a €250 million refinancing facility of Anglo Irish by Hypo Real Estate Bank International AG in October last year and subsequent financing for properties as and when acquired by the portfolio.
Notes to editors
- LG provides high quality practical and commercial advice at all stages of the process of creating and dealing with real estate assets in the UK and internationally, with particular emphasis on development and regeneration work, real estate finance and investment sales and purchases.
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