In one of the largest lender-backed real estate deals of the year, Max Property Group, the new vehicle of property tycoon Nick Leslau, saw off a last-minute counter bid as Citigroup attempted to buy the assets from Ernst & Young (E&Y), the receiver of Industrious Group.
Leslau turned to longstanding adviser Taylor Wessing for the deal.
The firm fielded a large team led by real estate partners Richard Grosse and Alan Evans, supported by finance partner Bob Gayford, corporate partner Jayne Schnider and litigation partner Laurence Lieberman.
Clifford Chance real estate partner Sarah Thomas acted for E&Y.
Olswang real estate finance partner Eleni Skordaki advised the lender, Eurohypo.
It is understood that Citigroup was advised by Field Fisher Waterhouse.
Leslau said: “This was perhaps the most challenging purchase we’ve ever been involved in. Receivership sales are never without complications and this was even harder than most.”
Max Property Group was launched on AIM in May this year to invest in distressed property. Clifford Chance acted on the IPO.
Industrious Group, a subsidiary of Dunedin, collapsed in August last year with debts of around £650m.
Industrious Group was the first UK property company to go into receivership with commercial mortgage-backed securities debt.