LG advises LaSalle UK Ventures Fund on acquisition of Milton Keynes business park
16 January 2008
LG, the London-based law firm, has advised LaSalle Investment Management ("LaSalle") on its acquisition of Caldecotte Lake Business Park, Milton Keynes ("Caldecotte") for £32.5 million on behalf of its LaSalle UK Ventures Fund.
Caldecotte Lake Business Park was developed in the last ten years and consists of seven office buildings, which total around 170,000 sq ft on a 12 acre landscaped site. The site generates an income of £1.94m per annum with an estimated rental value of £2.57m per annum when fully let.
The LaSalle UK Ventures Fund is a £1bn private equity vehicle set up by LaSalle in early 2007. The fund represents LaSalle's most recent UK opportunity-style fund for global investors.
Real estate partner Dan Gwilliam led the LG team, which advised on real estate joint venture and banking elements of the acquisition. The team included banking partner Nick Turner, together with solicitors John Nystrom and Khalil Ahmad.
Dan said: "We are delighted to have acted on another acquisition for LaSalle and look forward to advising them as they roll out their business plan for this project."
Manches LLP, Bidwells and Matthews & Goodman also advised Frontier and LaSalle. LaSalle UK Ventures Fund has appointed Frontier Estates, who are also tenants on the park, to assist them in delivering their asset management ambitions.
Note 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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