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Lovell White Durrant has just completed one of the largest and most complex property deals during 1995 when it advised new company Albion Property Investments on its acquisition of a £100 million property portfolio.
"This is an industry first," said property partner Simon MacDonagh.
"Albion is a new company which on day one has £100 million of assets and a strong, positive cash flow."
Albion bought its portfolio from Legal & General Assurance Society, Burford Investment Company and Mercury Property Fund.
The 21 properties acquired are a mix of shopping centres, industrial estates and offices, with a total of about 500 tenancies. Unusually, the three vendors are all shareholders in the new company, which is essentially a vehicle for its chief executive, Robert Maxted, to manage the portfolio.
Maxted was previously with Pillar Properties, which floated in 1994.
The deal was funded by Norwich Union Mortgage Finance, Landesbank Hessen-Thueringen Girozentrale and Barclays banks. "Some rationalising of the portfolio can be anticipated," said MacDonagh.
MacDonagh's team included partners Catherine Allinson and Roddy McKean. They acted on property, banking and corporate matters.